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PHILIPPINES ANTI MONEY-LAUNDERING BODY CALLS FOR TIGHTER LAWS.
MANILA, March 1 Asia Pulse - The Philippines' Anti-money Laundering Council (Amlac), headed by Bangko Sentral ng Pilipinas governor Rafael Buenaventura, has urged Congress to amend laws to reduce the minimum amount of suspicious funds eligible for inspection by bank authorities by 75 per cent to P1 million (us$19,493) from the current P4 million.
Buenaventura said he had not yet formally presented Congress with the plan but stressed some revisions are in order given the displeasure shown by the powerful Financial Action Task Force (FATF).
"The minimum threshold must be fine tuned. I don,t know, maybe $10,000 or $20,000 should convince the FATF," he said.
The central bank governor made the call amid the FATF,s refusal to remove the Philippines from the list of countries considered uncooperative and considered havens of money laundering activities worldwide.
He stressed the adjusted level "should not be an amount that will overwhelm us" and that this ...
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