Lawmakers Want to Know if $850m More Fund Headed to Philippines
Source: BFW (Bloomberg First Word)
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(Bloomberg) -- Anti-Money Laundering Council studying whether $850m worth of funds covered by at least 30 SWIFT requests also headed to Philippines, Senator Teofisto Guingona says in interview.
Alert: HALISTER1- “It matters in the sense that it reinforces the fact that we are perceived as a haven for money laundering,” he says
- NOTE: 5 unauthorized SWIFT messages covering $101m were cleared; $81m transferred to Rizal Bank in Philippines and $20m to Pan Asian Banking in Sri Lanka, according to govt pleading at Department of Justice
- NOTE: Another $850 million in transactions were halted: pleading
- Next congress must revise Bank Secrecy Act by including criminal exceptions: Guingona
- Filipinos overseas, industries will be affected by potential blacklisting by FATF, he says
Source: BFW (Bloomberg First Word)
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UUID: 7947283