Tag: Anti-Money Laundering Act

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Ping Lacson: Removal from FATF Grey List to Bring in More Jobs

The Philippines’ removal from the Financial Action Task Force (FATF)’s grey list should bring in more jobs as investors become more confident in putting their money in the Philippines, former Sen. Panfilo “Ping” M. Lacson said Friday.

Lacson also credited the passage of the Anti-Terrorism Act of 2020 and the strengthening of the Anti-Money Laundering Act – which he authored, co-authored and/or sponsored – as well as the total ban on Philippine Offshore Gaming Operators (POGOs) for the removal from the grey list.

“When we are removed from the grey list, investors should become more confident in doing business here. Also playing a big role are the Anti-Terrorism Act’s provisions on terrorist financing and Anti-Money Laundering Act,” he said in Filipino, in an interview on Bombo Radyo.

“All these combined, plus the ban on POGOs, all had a role in our removal from the FATF grey list. And the positive effect is that investors are now more confident putting their money here,” he added.

Related: Ping Lacson: Dadami ang Trabaho Ngayo’y Wala na Tayo sa FATF Grey List

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On the Philippines’ Exit from the FATF Grey List

Being the principal author of the Amended Anti Money Laundering Act and a longtime advocate of empowering the Philippine government to go after dirty money and punishing those responsible for having our country tagged as a haven for criminal elements involved in financial crimes and other related criminal activities, it is indeed a welcome development that after so many years since the passage of the law, we are now out of the FATF grey list.

Commendations are in order for this administration, particularly those who worked hard to accomplish this feat.

*****

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#PINGterview: Legislation vs Money Laundering

In an interview on DZMM, Sen. Lacson answered questions on possible legislation vs money laundering.

QUOTES and NOTES:
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Lacson Bill Adds Casinos, Real Estate Brokers, Art and Vehicle Dealers to Anti-Money Laundering Act Coverage

To better equip Philippine authorities to fight money laundering, Sen. Panfilo M. Lacson has filed a bill expanding the coverage of the Anti-Money Laundering Act (AMLA) to include Designated Non-Financial Businesses and Professions (DNFBPs) such as casinos, real estate brokers, and dealers of art works and motor vehicles.

Lacson, in Senate Bill 45, said the Financial Action Task Force has noted how money launderers now use such businesses and professions to cover their illegal transactions, with the casino industry seemingly attractive for those undertaking money-laundering activities.

“While the contributions of the (casino) industry are acknowledged, it is also understood that casinos are equally exposed to the raging threats of money laundering,” Lacson said in explaining the inclusion of casinos in the AMLA’s scope.

Related: Lacson bill sa money laundering tutok sa casino, real estate brokers, atbp Continue reading “Lacson Bill Adds Casinos, Real Estate Brokers, Art and Vehicle Dealers to Anti-Money Laundering Act Coverage”

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Lacson Bill sa Money Laundering Tutok sa Casino, Real Estate Brokers, Atbp

Ipupurisige ni Senador Panfilo Lacson ang krusada laban sa pagpasok sa bansa ng salaping kinita sa mga ilegal na aktibidad o money laundering activities.

Sa Senate Bill 45 na inihain ni Lacson na naglalayong amyendahan ang umiiral na Anti-Money Laundering Act sa bansa, dinagdagan pa ng mambabatas ang mga aktibidad na ibibilang sa mga babantayan kaugnayan sa nabanggit na ilegal na transaksiyon.

Kabilang sa mga aktibidad na imomonitor ng mga awtoridad batay sa panukala ni Lacson ay ang operasyon ng mga casino, real estate brokers, mga nagbebenta ng artworks at maging mga negosyante ng mga mamamahaling sasakyan.

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Lacson bill adds casinos, real estate brokers, art and vehicle dealers to Anti-Money Laundering Act coverage  Continue reading “Lacson Bill sa Money Laundering Tutok sa Casino, Real Estate Brokers, Atbp”