AMLC of Philippines strengthens anti-money laundering measures
The Anti-Money Laundering Council of Philippines is preparing legal framework which seeks to fully comply with international standards and affirm country’s commitment against money-laundering and terrorist financing. Amando M. Tetangco, Jr., AMLC head and the Governor of Bangko Sentral ng Pilipinas (BSP), in the statement said that the inter-agency body has moved to address deficiencies in the Anti-Money Laundering Act of 2001, and the Human Security Act of 2007, as identified in a report co-written by the World Bank. By his words, they need to continually enhance their systems to meet new challenges.
The head of the Central Bank of Philippines also noted that Philippine authorities, especially the financial regulators, are aware of the risks, including new ones that might arise as a result of the global financial crisis.