Anti-money laundering law ‘lacks teeth’
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Lawmakers who voted against the bill complained it was “watered down” since Congress “was made to work with a loaded gun.” Congressman Carlos Padilla admitted that the law “does not have enough teeth,” since lawmakers failed to refine the bill due to the pressure to pass the law swiftly. The Philippines government was striving to beat a deadline imposed by the Financial Action Task Force (FATF) under the threat of economic sanctions by industrialized countries. The U.S. government was also applying pressure in a bid to identify and freeze the accounts of suspected terrorists. Finance Secretary Jose Isidro Camacho told CNN that the law would still be effective in solving the problem of money laundering in the country. “The passage of the bill would allow the creation of an anti-money laundering council which would have the power to check suspicious accounts.” Camacho said the council would have the authority to inspect dubious bank accounts. More : edition.cnn.com |