Comments Off on How Strict is the Philippines Policy on Anti- Money Laundering

How Strict is the Philippines Policy on Anti- Money Laundering

How Strict is the Philippines Policy on Anti- Money Laundering

The country’s laws and regulations on Money Laundering are the greatest indicator of the country’ s commitment and dedication to combat terrorism and other illegal activities. If a country has a strict anti- money laundering laws, this will definitely strengthen the financial industry and confidence of foreign and local investors who are looking for a government that will not tolerate any illegal activities.

Just recently, the Bangko Sentral ng Pilipinas ( BSP) has announced that the Bank supervision in the Philippines is strict enough to prevent terrorists and criminals from laundering money in the country. As part of its commitment to uphold anti- money laundering BSP has established a unit called the Anti-Money Laundering Specialist Group—focused on supervising bank operations for the purpose of guarding against potential money laundering activities. This unit is closely supervising the operations and activities of banks.

Since the Philippines has already been upgraded from dark list to gray list by the Financial Action Task Force after Congress has passed a law amending the Anti- Money Laundering Law, this indicates a significant improvement in the government’s policies against money laundering.

Recent studies show that the Philippines is one of the fastest growing economy in Asia. Thus, the same is a strong indication of government ‘ s conscious effort to strengthen the financial industry in the country which will certainly require a strict policies against anti money laundering.  As of now, banks and financial companies in the Philippines have strict know your client policies and requirements which are constantly being monitored by the BSP.

For full details of the news, read “Anti-laundering law ‘enough to deter dirty money“, , the link is as follows:

Filed in: Legal Services Tags: 

Related Posts

Bookmark and Promote!

SEO Powered by Platinum SEO from Techblissonline