President Benigno Aquino III has signed two bills needed to prevent the Philippines from being blacklisted by the Financial Action Task Force (FATF).
In a statement Monday, presidential spokesperson Edwin Lacierda said Aquino has signed into law “An Act To Further Strengthen The Anti-Money Laundering Law” and “The Terrorism Financing Prevention And Suppression Act of 2012.” Signing the bills is a “major step forward in enhancing transparency and accountability,” Lacierda said. “These qualify as two out of three reforms needed for the country’s compliance with the international standards set by the Financial Action Task Force,” according to the Palace official.
In a text message to GMA News Online, Lacierda said that Anti-Money Laundering Council executive director Vic Aquino, who is in Rome attending the FATF meeting, has been furnished a scanned copy of the two bills.
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