Halister News

(Bloomberg) -- Some foreign lenders closed remittance cos.’ accounts after implementing rules to fight money laundering, terrorism financing, Philippine central bank Governor Amando Tetangco said late Tuesday.

• “The closure of accounts is a manifestation of the derisking by foreign banks affecting many countries across the globe, including the Philippines,” he said in mobile- phone message
• Move partly due to higher compliance cost to rules on anti- money laundering, terrorism financing
• It’s imperative for recipient countries to have necessary legal framework, safeguards against money laundering and terrorism financing
• NOTE: Philippine Lawmaker Says $850m Would Have Gone to Rizal Accounts {NSN O4SDR26S972R}
• NOTE How $81m Slipped Through Philippine Cracks: Timeline {NSN O48K426JIK6K}