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Monday, March 10, 2003
RP still in FATF watch list
By Joshua Dancel
MANILA -- Recent amendments made by Congress on the Anti-Money Laundering Act (Amla) to go well with the demands of the Paris-based Financial Action Task Force (FATF) still seem not to satisfy the body as the country remains in the watch list on non-compliant countries.
President Arroyo's spokesman Ignacio Bunye said the law would still have to undergo further fine-tuning.
Bunye said being freed of the brunt financial sanctions from the member countries of the FATF is entirely different from getting the Philippines removed from its watch list.
"For us to be removed from the watch list, we probably have to come up with further amendments of the Amla," Bunye said.
The President signed Friday the amended version of the Amla after Congress gave into the demands of the FATF to put in the necessary changes for the law to comply with the Paris-based financial group's requirements.
"We are still in the watch list, but we won't have sanctions. Our OFWs would not be inconvenienced, financial charges won't increase, and we can go on with our normal transactions," Bunye said.
The amendments became a source of animosity between lawmakers trying to push FATF-espoused amendments and those pushing against them.
But Bunye said the government has to give in to the FATF's demands in order to spare the country from harsh financial sanctions, which target mainly importers, exporters, and overseas Filipino workers.
The FATF, however, is still keeping a keen eye on how the government would effectively implement the new law, which Bunye assured would be enforced to the fullest.
"We probably need further refinement, but not under the same amount of extreme pressure as in the March 15 deadline," he said.
He said the FATF would be receiving in due time the amended copy of the Amla in due time.
(March 10, 2003 issue)
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