Phillipines extends AML legislation

The Philippines now requires finance companies and loan companies to register with the AML Council.

Contrary to prior operation, such companies must report any transactions considered suspicious and are now obliged to comply with other anti money laundering or anti terrorism financing legislation in the country.

These regulations only applied to firms in these sectors that with had over40% foreign participation in voting shares and a paid-up capital of at least 10 million pesos ($206,100).

“The amendment aims to protect financing and lending companies from abuse and misuse by money launders and terrorists, and more importantly the integrity of the financial system, the overall economy and the people who would ultimately suffer from such illicit activities,” said Securities and Exchange Commission Chairman Emilio Aquino on Sunday, in an official statement.

President Rodrigo Duterte signed into law measures to boost the nation’s ability to fight money laundering, by including gaming and property companies in its monitoring list.

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