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GREY LIST THREAT: Senate Minority Leader Franklin Drilon credibility at the approved threats issued by the Banking Action Task Force to the Philippines on the affair of acquiescence with anti-money bed-making regulations during the basal audition of the Board on Banks, Banking Institutions, and Currencies, Wednesday, October 28, 2020. Screen grab/ Senate PRIB
MANILA, Philippines — Two senators on Wednesday asked the government to accommodate the guidelines from the Banking Action Task Force (FATF) with commendations the bare amendments for the Anti-Money Bed-making Law.
During the audition of the Senate board on banks, banking institutions and currencies, Senator Grace Poe approved description about the Philippines’ amount of acquiescence to FATF’s recommended accomplishments with attention to the country’s anti-money bed-making and counter-terrorism costs measures.
Poe asked this as beginning amendments are approved to the Philippines’ Anti-Money Bed-making Law amidst threats of the country actuality placed beneath FATF’s “grey list” which could accept repercussions to the civic economy.
In the website of the FATF, a country or administration placed beneath its “gray-list” agency “it has committed to boldness apace the articular cardinal deficiencies aural agreed timeframes and is accountable to added monitoring.”
Any of the ability speakers present, decidedly the AMLC, was not able to respond.
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Senate Minority Leader Franklin Drilon backed Poe’s question, adage that the government would usually get notices from the FATF apropos the matter.
Drilon was the Senate President back the aboriginal adaptation of the country’s Anti-Money Bed-making Law was anesthetized 20 years ago.
“Regularly, we would get notices from the FATF adage that unless you do these things, you’ll be in the blah account and the blackmail of actuality in the blah account carries the threats on authoritative remittances of our OFWs added difficult, in added words the vulnerability of our arrangement to advancement a acceptable remittance arrangement is actuality consistently put in issue,” Drilon explained.
It was actuality that Drilon started analytic if the government has any abstracts to await on with attention to the country’s continuing with the FATF.
“As I repeat, we accept consistently been threatened, I anticipate it’s the appropriate [term] for abridgement of any — we accept been threatened with sanctions. And we accept consistently complied with these advices,” Drilon said.
“My catechism is, ano pa ba ang dapat nating gawin, bakit consistently merong binibigay sa atin na mga pangangailangan na gawin in adjustment that we can be taken off the blah list. In added words, do we see the ablaze at the end of the adit back we are absolutely chargeless from these approved threats? What will it take, will this be the aftermost time that this will happen?” he added.
Poe echoed Drilon’s band of questioning, adage that the country’s Anti-Money Bed-making Law was aloof adapted in 2017 or alone three years ago.
“Are these butt from antecedent evaluations? Are there new deficiencies. Because afore we ability addition amendment, we should accept these guidelines in abode so that we don’t accept to accumulate afterlight the law,” Poe said.
“We aloof had one in 2017, we’re accepting one afresh now. So AMLC I’m afraid that you didn’t acknowledge anon beforehand apropos our catechism as Sen Drilon noted, we usually accept notices,” she added.
In the aforementioned hearing, AMLC Secretariat Executive Director Mel Georgie Racela explained that a country’s admittance in the FATF’s grey-list due to amiss anti-money bed-making measures could advance to college remittance amount for across Filipino workers (OFWs).
Racela said that the Philippines has to authenticate “tangible progress” to abstain actuality grey-listed.
This includes the accomplishing of new laws and regulations in affiliation to anti-money bed-making and counter-terrorism financing.
“If we abort to authenticate absolute actual progress, the Philippines will be placed in the grey-list. This will accept a abrogating appulse on our country and the lives of Filipinos alive abroad, decidedly across Filipino workers and their families,” Racela said.
“For OFWs, college amount of remittance agency beneath money for food, shelter, and apprenticeship and added basal aliment of their families,” he added.
Racela additionally said that college remittance costs may additionally advance to a abatement in entering remittances and the country’s gross calm product.
Being placed in the grey-list, Racela said, additionally has added implications such as follows:
“In such case, all EU associates are allowable to appoint added due activity on Philippine nationals and businesses as able-bodied as prohibit bodies implementing banking instruments or bread-and-butter guarantees from entering into new or renewed operations with bodies from the listed countries,” Racela said.
President Rodrigo Duterte beforehand certified as burning the bills that seek to strengthen the country’s anti-money bed-making law.
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