The Paris-based Financial Action Task Force (FATF) announced last week that it will not be recommending the imposition of counter-measures on the Philippines, following the country's creation of new anti-money laundering laws designed to address the concerns expressed by the multilateral body.
In a statement, the FATF explained that its decision: 'is the result of the enactment on 7 March 2003 of the Republic Act No. 9194, which amends the Philippine Anti-Money Laundering Act of 2001. The new legislation addresses the main legal deficiencies in the Philippine anti-money laundering regime previously identified by the FATF.'
Although the country will remain on the FATF's list of non-cooperative countries and territories (NCCTs) until the new laws have been successfully implemented, FATF President, Jochen Sanio praised the government's actions, announcing that:
'This is a significant success for the FATF and the Philippines in the fight against money laundering. Close monitoring of implementation issues will be crucial in determining an appropriate time for the Philippines' removal from the NCCT list.'
The FATF will be holding its next plenary meeting in Germany this June.
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