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BSP zeroes in on money changers |
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(26 January 2005, Wednesday - Manila Standard)
By Eileen A. Mencias The Bangko Sentral ng Pilipinas will issue a new directive tightening further the country’s antimoney laundering measures, in time for the onsite evaluation of the Paris-based watchdog Financial Action Task Force (FATF). BSP deputy governor Alberto Reyes said the MB had approved a circular requiring all money changers, foreign exchange dealers and remittance agents to register with the BSP by May, including those that are already operating. Reyes said those who register will be subjected to regular reporting requirements of the BSP and obliged to report suspicious transactions. Reyes met Monday with a five-man FATF team, whose members were appraised of the new order to be issued by the BSP. “The new regulation is expected to further strengthen the cause for the removal of the Philippines from the FATF list of noncooperative countries and territories,” the BSP said. The Paris-based FATF blacklisted the Philippines in 2000 along with other countries on suspicion that they were money laundering havens. The FATF was concerned at that time on tracking money earned from illicit means such as drug and human trafficking. The Philippines, which has been in the FATF blacklist since then, was forced to amend its antimoney laundering law in 2003 to avoid sanctions. Changes in the law, however, were not enough to delist the Philippines. The FATF in a plenary meeting in October last year decided to focus on cross border movement of cash and other bearer negotiable instruments. The cross border transportation of cash became a concern especially after the terrorist attacks in the United States. Terrorist financing involved smaller amounts and does not rely on the formal banking system. The October FATF recommendation required a declaration system or disclosure obligation on institutions that may not be covered by other government agencies. The new measure calls on nations to stop cross-border movements of currency and monetary instruments related to terrorist financing and money laundering and confiscate such funds. It also urged enhanced information-sharing between countries on the movement of illicit cash related to terrorist financing or money laundering. The FATF will hold a plenary meeting in February to discuss developments in noncooperative countries and territories. Read more Manila Standard News>> |
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