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