Showing consistency in fighting corruption will play a major role not only in restoring the trust of the Financial Action Task Force (FATF) and other international financial institutions, but can solve many other problems that beset our country even as we grapple with the effects of the pandemic, Sen. Panfilo M. Lacson said Monday.
Lacson said that while legislation against money laundering – especially of ill-gotten wealth – and terrorism financing is important, the key is the consistent implementation of existing laws.
“One of the reasons we were included in the FATF’s gray list in 2012 is that the FATF wanted us to address deficiencies in countering terrorist financing, among others. In response, Congress passed Republic Act 10168 or the Terrorism Financing Prevention and Suppression Act of 2012. This was further enhanced by RA 11479 or the Anti-Terrorism Act of 2020. This may, however, call for further measures such as amending our existing Bank Secrecy Act, to address a major source of corruption. What we need is to make it difficult, if not impossible, to hide or launder ill-gotten wealth. This would be a big deal in helping stop corruption,” he said.
Basahin sa TAGALOG: Ping, May Tip para Pilipinas ‘Di Uminit sa Mata ng mga Institusyong Pananalapi
Continue reading “Lacson: Consistency vs Corruption to Restore Int’l Financial institutions’ Trust in PH”
