The Philippines is making strides against money laundering, with the government freezing more than P1 billion in suspected dirty funds and assets, and filing a hundred cases since a 2001 anti-money laundering law was enacted, President Arroyo said yesterday.
Addressing the annual meeting of Asia-Pacific officials in charge of cracking down on money laundering and terrorist financing, Mrs. Arroyo said the Philippines’ Anti-Money Laundering Council has also released close to P600 million to victims of swindling and fraud.
The Supreme Court has designated 56 courts all over the country to handle money laundering cases, she added.
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The recent conviction of money launderers — one a criminal conviction and three forfeiture of laundered assets — proves that our system works," she told the Asia-Pacific Group (APG) on Money Laundering, which has 32 member countries including Australia, Japan and the United States.
"The Philippines is a strong player domestically and globally in the fight against money laundering," Mrs. Arroyo told officials, adding that the Philippines’ law enforcement agencies and political institutions "are in the thick of this fight."
To complement the campaign against dirty money, the President said she has certified as "urgent" the long-delayed anti-terrorism bill which will also target terrorist financing.
She said the government is also working on reforming the country’s finance regulatory system, including investing in modern infrastructure and training of personnel "so we have a business environment that is as competitive as any in Asia."
"We have to remain vigilant, united and committed," the President said. "I am confident to see from this group that there will always be people like you who will stand in the way of evil."
She vowed an even more vigorous implementation of the landmark 2001 anti-money laundering law.
Stopping the flow of dirty money around the world is considered a key strategy in the US-led global campaign against terrorism. — With AP
RP taking lead in anti-money laundering efforts
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