Angara to FATF: Show Us How 29 Member Countries Are Complying with AMLA before We Amend It

Article excerpt

Edgardo J. Angara said yesterday that the Paris-based Financial Action Task Force (FATF) should disclose how its 29 member-countries are complying with their own anti-money laundering law before we proceed with our own amendments.

"They should furnish us with information on their own laws, including their implementing rules and regulations, so that we can compare them with our banking laws and regulations," Angara said.

The disclosure, Angara said, would serve as a good guide in amending the Philippine version of the anti-money laundering law.

Angara further said that FATF should explain why it wants the Philippines to open up its banking system when some of its major members continue to maintain bank secrecy.

"Even Switzerland, which is one of the 29 member-countries of FATF, still upholds the secrecy of bank deposits as a national policy, subject only to certain exceptions which would require an order of the court," Angara said.

Angara said that although the country has already acceded to a lower threshold level of US$10,000, he maintains that not all bank deposits of R500,000 or beyond can be scrutinized under any and all circumstances without a court order. …