IRR Signed for Anti-Money Laundering Law

Article excerpt

The Philippines should be able to satisfy international concerns about its new antimoney laundering law and exit a blacklist of uncooperative countries before the end of the year, Bangko Sentral ng Pilipinas Governor Rafael Buenaventura said yesterday.

Speaking at a congressional signing ceremony for the rules of the law, Buenaventura said he believed the country had adequately addressed and clarified concerns about the measures raised by the Financial Action Task Force (FATF).

The oversight committee of Congress on anti-money laundering yesterday finally signed the implementing rules and regulations (IRR), which is believed to be within the international standards.

"The law (referring to the anti-money laundering bill passed last September) with the IRR together with other Philippine laws certainly constitute a formidable anti-money launder regime that is compliant with the best international practices," Buenaventura said.

Buenaventura acted as witness during the signing ceremony of the Congress oversight committee, composed of among others, Misamis Oriental Representatives Oscar Moreno, Teodoro Locsin Jr., Senators Edgardo Angara and Sergio Osme?a III.

He said the IRR will satisfactorily address the four major issues raised by the Parisbased Financial Action Task Force (FATF), namely:

* The R4 million restrictive threshold to define covered transactions;

* The limited powers of the anti-money laundering council (AMLAC) to inquire into banks deposits because of the strict bank secrecy law;

* Limited authority of the BSP to determine the owners of non-checking numbered accounts; and

* The prospective nature of the law that inhibits AMLAC's investigative power. …