President Aquino on Monday signed into law two measures aimed at strengthening the country’s anti-money laundering campaign by promoting openness in financial transactions, Malacañang said on Monday.
“In a major step forward in enhancing transparency and accountability, the President has signed two bills into law, namely, ‘An Act To Further Strengthen The Anti-Money Laundering Law’ and ‘The Terrorism Financing Prevention And Suppression Act of 2012,’” Presidential Spokesman Edwin Lacierda said in a statement.
Lacierda said both measures “will strengthen the capability of the government to identify and prevent financial transactions related to illegal activities and those that undermine global security.”
He added that the measures affirm the Aquino administration’s commitment to accountability and transparency, and qualify as two of three reforms needed for the Philippines’s with the international standards set by the Financial Action Task Force.
By: Mia M. Gonzales
Source: Business Mirror, 19 June 2012
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