The Senate approved on second reading Wednesday Senate Bill No. 1945, which contains amendments to curb money laundering and terrorist financing activities.
“Preserving the integrity of the financial system will lead to a suitable investment climate, which can contribute in tangible ways to create jobs and other livelihood opportunities,” she said in a statement. The bill was crafted in a response to the evaluation of the Philippines’ compliance with the recommendations of the Financial Action Task Force on Money Laundering. Failure to comply will result in the country’s inclusion in the international watchdog’s grey list, or those subject to enhanced monitoring.
Being under tight scrutiny, Filipino nationals and businesses also face additional cost, paperwork, higher interest rates and processing fees when transacting with other countries.