Metro Manila (CNN Philippines) — An international anti-money laundering watchdog is set to assess the efforts of the Philippines to curb the crime.
In a statement sent to CNN Philippines, the Financial Action Task Force (FATF) will examine how the country implemented its 2012 recommendations.
“These assessments, conducted by APG, will look for evidence to demonstrate how effectively the country has used its AML/CFT measures to prevent, detect and prosecute cases of money laundering and terrorist financing,” said Alexandra Wijmenga-Daniel, communications management advisor of FATF.
This includes looking for evidence on the country’s measures to prevent, detect, and prosecute cases of money laundering and terrorist financing.
“They are definitely watching this, they are watching the developments of this scandal,” said Senate Blue Ribbon Committee Chairman Sen. Teofisto Guingona III, referring to international anti-money laundering watchdogs.
However, the FATF has yet to give a date on when its personnel will go to the Philippines to do the assessment.
Senate Committee on Banks Chairman Sergio Osmeña III said Congress should make the necessary legislation before the FATF do its inspection.
One of them is amending the Anti-Money Laundering Act by including casinos, real estate brokers, and art dealers in the scrutiny of the law.
“The FATF-Asia based in Hong Kong regularly conducts its examination of country by country. Wala pa tayo sa schedule so that gives us some breathing space,” said Osmeña.
Meanwhile, the Anti-Money Laundering Council (AMLC) said the country’s lawmakers should act fast in resolving the money laundering scandal.
“Otherwise the international community will have some concerns how we implement our anti-money laundering laws,” said Insurance Commissioner Emmanuel Dooc.
Last February 5 and 9, about $81 million in stolen money from the Bangladesh Central Bank were laundered in RCBC’s Jupiter Branch in Makati.
