Citing the need for the Philippines to be removed from the money laundering grey list, President Marcos has ordered government agencies to implement a five-year strategy to contain money laundering, terrorism financing and proliferation financing.
PH gov’t told to ‘popularize’ 2016 PCA ruling on South China Sea than targeting ‘Barbie’
“This is part of the government’s efforts to move the Philippines out of the grey list of the FATF’s ‘Jurisdictions Under Increased Monitoring’ of countries that failed to show tangible and positive progress in addressing all key recommended actions in the third mutual evaluation report,” the EO said.
In its website, the FATF said it sets “international standards to ensure national authorities can effectively go after illicit funds linked to drugs trafficking, the illicit arms trade, cyber fraud and other serious crimes.” In his latest EO, the President highlighted the addition of “proliferation financing” as among the government’s concerns.
FATF said proliferation financing is providing funds or financial services for the development or trade of nuclear, chemical and biological weapons.Your subscription has been successful.
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