Philippines avoids Money Laundering Blacklist

It was announced by the Philippines that it had avoided an international blacklist on money laundering and terrorist financing after passing two 2 laws in June 2012.

The Financial Action Task Force (FATF) has upgraded the Philippines to its “grey list” of countries that make sufficient progress in their action plans. Previously, the Philippines was in the FATF’s “dark grey list” of jurisdictions deemed not to be making sufficient progress.

President Benigno Aquino’s spokeswoman Abigail Valte said in a statement: “These reforms prevented the Philippines from being classified and downgraded to the ‘black list’, which would have resulted in stricter inspections of financial transactions in the country”.

The Philippines’ Anti-Money Laundering Council said the FATF had urged Manila to include bribery, public funds misuse, human trafficking, tax evasion and environmental crimes as grounds for a financial investigation.

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