The Philippines must pass tougher anti-money laundering rules by October to avoid joining the list of countries with weak controls
Manila — The Philippines’ loose law against money laundering and strict deposit secrecy rules risk isolating its banks from the global financial system, according to the president of the nation’s largest group of lenders.
The Philippines must pass tougher anti-money laundering rules by October or risk being placed on a global monitoring list for countries with weak controls. That would mean restrictions on international banking transactions for Philippine citizens and companies. Banking policy must also keep up with the fast pace of technological changes to keep cyber-crime at bay and protect customers, Consing said. “Public interest is becoming a more important issue for us.”
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