Money laundering group scours Philippines
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Task-force observers are “seeing if the Philippines law has been having an effect,” Helen Fisher told CNN. “A law is not the same as progress.” The Philippines faced sanctions from some of the world’s most powerful countries for failing to help fight money laundering. It is on a 19-nation blacklist of countries that a task force says are not cooperating in an effort to curb the crime. The Financial Action Task Force on Money Laundering has drawn around 300 delegates to Hong Kong. They are focusing on terrorism-related funding but also looking to stem laundering of money from drugs and other crimes. The task force is made up of 29 countries, including the United States and the United Kingdom, as well as the European Union and the Gulf Co-operation Council. Representatives started a closed-door meeting on Wednesday. More : edition.cnn.com |