RP moves against money laundering

RP moves against money laundering

MANILA: The Philippine government has began to regulate non-bank
foreign exchange dealers, money changers and remittance agents to
boost its anti-money laundering campaign, the central bank said
on Thursday.

The central bank said the move to monitor some 30,000 to
50,000 money changers and remittance agents was aimed at
convincing the Paris-based Financial Action Task Force (FATF) to
remove the country from its watch list.

The FATF has remained skeptical of the Philippine government's
ability to curb the flow of dirty money despite a new law against
laundering in 2001.

Among the task force's concerns is the lack of monitoring of
non-bank establishments involved in money changing and
remittance, which could be used as laundering channels by
criminal syndicates and terrorist groups.-- DPA