PH execs told: FATF means business in blacklist threat

Tweet

InterAksyon.com means BUSINESS

MANILA, Philippines - The Senate has received another gentle reminder to immediately pass the Anti-Money Laundering Act (AMLA) amendments and Terrorist Financing Suppression bill to avert a blacklist from the Financial Action Task Force.

In his letter dated May 22, 2012 to Sen. Franklin Drilon, Anti-Money Laundering Council Executive Director Vicente S. Aquino furnished the Senate a copy of a May 18, 2012 letter from Gordon Hook, executive secretary of Asia/Pacific Group on Money Laundering, and an associate member of FATF, informing AMLC of the consequences of the Philippine Congress’s failure to amend AMLA.

Hook’s letter was sent to Bangko Sentral ng Pilipinas Governor Amando Tetangco, Jr., on May 18, 2012.

“If the Philippines have not taken “sufficient action” to implement significant components of its actions plan by June 2012 (in particular the enactment of the AML amendments and TF legislation currently before Congress), the FATF will in all likelihood:

•  progress the Philippines to FATF  “blacklist; and

•  Call upon members to consider the risks arising from the AML/CFT deficiencies in your country.’

“We hope that above letter will erase any doubt about the FATF’s blacklisting and the serious effects of such action, and would provide additional impetus for the Senate to push forward the AMLA amendments and Terrorist Financing Suppression Bills,” Aquino told Drilon.

In his letter to Tetangco, Hook said “while the FATF was of the view that the Philippines had made efforts to improve it AML/CFT regime, the FATF determined that the Philippines had not yet made sufficient progress within the agreed timeframes.”

Hook also reminded Tetangco that  the FATF will discuss progress made by the Philippines at the FATF meeting in Rome on June 18-22.

“The effect of the Philippines being blacklisted would be very serious,” Hook warned Tetangco.

InterAksyon.com means BUSINESS

Follow @interaksyon