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