Senator Imee Marcos said Tuesday the Filipinos here and abroad will face difficulties in their financial transactions if an international monitor decides this month that the country has not done enough to curb money laundering.
Marcos, who heads the Senate committee on economic affairs, said lawmakers must heed President Rodrigo Duterte’s call over the weekend to amend the Anti-Money Laundering Act at once as the Paris-based Financial Action Task Force completes its review of the Philippines this October after a one-year observation period.
“Overseas Filipino workers and the business and banking communities will bear the brunt of international sanctions if the FATF calls out the country as a money- laundering hot spot,” Marcos said.
“International banks may decide to require more identity checks and paperwork or even impose higher transaction rates on Filipino remittances, causing delays in money transfers and making them more costly.
“Living and educational expenses of Filipino families amid the COVID-19 pandemic will be affected, while investor and lender confidence will weaken as a result. The country’s foreign currency reserves could diminish.”
According to the FATF, the Philippines is fully compliant with only eight of its 40 recommended amendments to the AMLA, while largely compliant with 20, partially with 11, and non-compliant with one.
Marcos has sought to amend the AMLA and integrate the FATF’s recommendations through Senate Bill 1545 to avert the country’s inclusion in the dreaded Grey List of countries considered high-risk for misuse of the international financial system. Macon Ramos-Araneta
