MANILA, Philippines - President Aquino on Monday signed into law two measures meant to promote openness in financial transactions, as the Financial Action Task Force (FATF) holds a meeting in Rome from June 18 to 22.
Presidential spokesperson Edwin Lacierda said the President signed "An Act to Further Strengthen the Anti-Money Laundering Law" and "The Terrorism Financing Prevention and Suppression Act of 2012" at 4:20 PM on Monday.
"Both will strengthen the capability of government to identify and prevent financial transactions related to illegal activities and those that undermine global security. These qualify as two out of three reforms needed for the country’s compliance with the international standards set by the FATF of the OECD (Organisation for Economic Co-operation and Development),” Lacierda said in a statement.
"It is likewise an affirmation of the administration’s commitment to accountability and transparency which is a cornerstone of our governance," he said.
The FATF had earlier threatened to blacklist the Philippines if it does not pass stronger laws against money laundering.