MANILA, Philippines—Enacting laws against money laundering is insufficient to get the Philippines out of the so-called gray list of nations with deficient legal framework to combat illicit movement of funds, according to the head of the Philippine central bank.
Bangko Sentral ng Pilipinas (BSP) Governor Benjamin Diokno, also ex-officio chair of the Anti-Money Laundering Council (AMLC), showing to the Financial Action Task Force (FATF) that Philippine laws work was also key to getting out of the unenviable list.
“Adopting compliant laws and regulations is not sufficient,” he said at an online press briefing on Thursday (July 1). “We have to demonstrate effectiveness.”
Diokn…
Keep on reading: BSP chief: Having laws insufficient to get PH out of dirty money list