RP seeks help to delay FATF sanctions

RP seeks help to delay FATF sanctions

MANILA: President Gloria Arroyo has asked the United States for
help in holding off looming international sanctions against the
Philippines for failure to bolster its anti money-laundering
regime, her spokesman said Tuesday.

"The government has sought the assistance of the United States
to exercise its moral suasion on FATF members to hold adverse
actions directed against the Philippines," presidential spokesman
Ignacio Bunye said in a statement.

The Paris-based Financial Action Task Force (FATF) decided
Friday to recommend additional counter-measures against the
Philippines starting March 15 due to Manila's perceived failure
to plug loopholes in its anti money-laundering law.

Congress last week beat a Feb. 12 deadline to pass amendments,
but the FATF, set up by the Organization for Economic Cooperation
and Development, said the new measures failed to address
"previously identified deficiencies" in the law.

"We are now suffering the effects of the anticipated
imposition of FATF sanctions. We are afraid that things could get
worse once the actual sanctions are imposed," Bunye said. -- AFP