Philippines Must Raise Anti-Laundering Fines Vs Erring Banks
Source: BFW (Bloomberg First Word)
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(Bloomberg) -- There should be greater administrative sanctions against banks caught violating anti-money laundering law, Senator Teofisto Guingona tells Bloomberg TV Philippines.
Alert: HALISTER1- Banks get fined measly 500,000 pesos per violation now, which is not enough deterrent
- “When they’re hurt because of the penalty, they’ll say ‘Hey, let’s not do this again. It’s too painful. Let’s make sure that this never happens again’,” Guingona says
- Next congress must also plug law’s loopholes by including casinos among those monitored for dirty money
- NOTE: Philippines Seeks Portions of Bangladesh Heist Cash From Casinos Link
Source: BFW (Bloomberg First Word)
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UUID: 7947283