Conscious Investing Today
  • Top News
  • Business Insider
  • Economic Indicators
  • Investing Ideas
  • Politics News
  • Stock Analysis
  • Editor’s Pick
No Result
View All Result
  • Top News
  • Business Insider
  • Economic Indicators
  • Investing Ideas
  • Politics News
  • Stock Analysis
  • Editor’s Pick
No Result
View All Result
Conscious Investing Today
No Result
View All Result
Home Politics News

Further improvements in anti-dirty money regulations sought

by
April 4, 2021
in Politics News
0
Further improvements in anti-dirty money regulations sought
0
SHARES
3
VIEWS
Share on FacebookShare on Twitter
ADVERTISEMENT
PHILIPPINE STAR/ MIGUEL DE GUZMAN

REGULATORS and policy makers continue to make sure that the tighter anti-money laundering and counter-terrorism measures are being implemented properly.

Anti-Money Laundering Council (AMLC) Executive Director Mel Georgie B. Racela said the Philippines still needs to address gaps in areas identified by the Financial Action Task Force (FATF) in its previous assessment.

“Each country must enforce these measures and ensure that the operational, law enforcement, and legal components of an anti-money laundering/counter-terrorism financing system work together effectively to achieve a passing rate of ‘substantial’ for each of the 11 immediate outcomes,” he said in a Viber message.

“Recall that we were rated ‘substantial’ only in immediate outcome 1, which is risk assessment, and fell short in all other immediate outcomes,” Mr. Racela added.

The Paris-based dirty money watchdog assesses countries’ efforts against money laundering and terrorism through immediate outcomes in areas such as risk assessment; international cooperation; supervision; preventive measures implemented by the private sector; legal persons and arrangements, and beneficial ownership information; financial intelligence; money laundering investigation and prosecution; confiscation; terrorism financing investigation and prosecution; targeted financial sanctions; and proliferation financing.

ADVERTISEMENT

The Philippines addressed these deficiencies in terms of technical compliance through Republic Act No. 11521 which amended the Anti-Money Laundering Act and Republic Act No. 11479 or the Anti-Terror Act of 2020. Technical compliance refers to prevailing laws and regulations that are in line with FATF standards and criteria.

“Although these [laws] have only been passed recently, we are committed to demonstrate effective implementation,” Mr. Racela said.

The Philippines was removed from the FATF’s gray list of countries deemed to have lax measures against dirty money and terrorism financing in February 2005, five years after its inclusion in 2000. The country was under a one-year observation period that was extended until Feb. 1, 2021, when it was expected to have addressed the gaps in its anti-money and counter-terrorism financing rules.

Mr. Racela said they started submitting the post-observation period reports on March 30, which covered immediate outcomes related to international cooperation and financial intelligence. He said they will submit reports related to other standards to FATF on April 6.

“We are optimistic that the FATF will note the country’s significant accomplishments given the limited time and the special circumstance that the world is currently in,” he said.

Amid implementing a tighter watch and regulations against dirty money, the AMLC has issued freeze orders for assets worth about P2.2 billion from 2019 to 2020. — Luz Wendy T. Noble





Related Posts

SEC warns public vs investing in three entities
Politics News

SEC warns public vs investing in three entities

June 26, 2022
SSC outlasts Perpetual Help in 5 sets, shares second spot
Politics News

SSC outlasts Perpetual Help in 5 sets, shares second spot

June 26, 2022
First Philippine Overland Expedition boasts P1-M kitty
Politics News

First Philippine Overland Expedition boasts P1-M kitty

June 26, 2022
Next Post
SM Investments Corporation announces schedule of stockholders’ meeting

SM Investments Corporation announces schedule of stockholders' meeting

Security Bank Corporation sets stockholders’ meeting via remote communication

Security Bank Corporation sets stockholders' meeting via remote communication

AREIT, Inc. announces schedule of virtual stockholders’ meeting

AREIT, Inc. announces schedule of virtual stockholders' meeting

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Categories

  • Economic Indicators
  • Editor's Pick
  • Investing Ideas
  • Politics News
  • Stock Analysis

Popular News

  • A Minute With: Family Reunion cast on relatable story lines

    A Minute With: Family Reunion cast on relatable story lines

    0 shares
    Share 0 Tweet 0
  • Twitter launches ‘Milk Tea Alliance’ emoji as movement grows

    0 shares
    Share 0 Tweet 0
  • Gas and car bills to soar under green revolution

    0 shares
    Share 0 Tweet 0
  • Level up your gaming experience with vivo Y20s [G]

    0 shares
    Share 0 Tweet 0
  • Rehab, expansion of General Santos airport seen completed by Q2

    0 shares
    Share 0 Tweet 0
No Result
View All Result

Your information is secure and your privacy is protected. By opting in you agree to receive emails from us and our affiliates. Remember that you can opt-out any time, we hate spam too!

Highlights

Chery Auto Philippines hits record sales in April, sells out Tiggo 8 Pro

Quizon remains Philippine rapid chess king in third straight time

Maserati electrifies its best-selling SUV

Next DICT chief cool to lowering spectrum user fees

Weak peso to further bloat PHL debt stock

Business groups bare wish list for Marcos’ first hundred days

Trending

SEC warns public vs investing in three entities
Politics News

SEC warns public vs investing in three entities

by
June 26, 2022
0

THE Securities and Exchange Commission (SEC) has warned the public against investing in three unregistered entities that...

SSC outlasts Perpetual Help in 5 sets, shares second spot

SSC outlasts Perpetual Help in 5 sets, shares second spot

June 26, 2022
First Philippine Overland Expedition boasts P1-M kitty

First Philippine Overland Expedition boasts P1-M kitty

June 26, 2022
Chery Auto Philippines hits record sales in April, sells out Tiggo 8 Pro

Chery Auto Philippines hits record sales in April, sells out Tiggo 8 Pro

June 26, 2022
Quizon remains Philippine rapid chess king in third straight time

Quizon remains Philippine rapid chess king in third straight time

June 26, 2022

Disclaimer: ConsciousInvestingToday.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice.
The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

  • Home
  • About Us
  • Privacy Policy
  • Terms & Conditions
  • Contact Us
  • Email Whitelisting

Copyright © 2021 ConsciousInvestingToday. All Rights Reserved.

No Result
View All Result
  • Home
  • About Us
  • Privacy Policy
  • Terms & Conditions
  • Contact Us
  • Email Whitelisting

© 2022 JNews - Premium WordPress news & magazine theme by Jegtheme.