THE US State Department in its 2012 International Narcotics Strategy Report named the Philippines as one of the 66 major drug money-laundering countries in the world.
The report released this month and accessed at the agency’s Web site, www.state.gov, placed the country in the list of “jurisdictions of primary concern” when it comes to laundering of drug money.
A country is put under this category when its “financial institutions engage in currency transactions involving significant amounts of proceeds from international narcotics trafficking,” the report said.
Read the full article: http://www.bworldonline.com/content.php?section=Nation&title=Country-tagged-for-money-laundering&id=49050
==============================================================================
By: Antonio Siegfrid O. Alegado
Source: Business World, March 26, 2012
To view the original article, click here.
Subscribe to the Arangkada NewsRoom via RSS
Subscribe to the Arangkada NewsClips
Comment here