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globalnation / Europe

Pass new AMLA, United Kingdom urges PH

globalnation / Europe
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Pass new AMLA, United Kingdom urges PH

/ 05:55 AM December 02, 2012

MANILA, Philippines—The United Kingdom has urged the Philippines to strengthen its antimoney laundering law as UK underlined the importance of legislation in plugging corruption and terrorist funding.

Steph Lysaght, first secretary of the British Embassy in Manila, made the call as he cited how the Philippine government’s efforts to stop corruption had helped generate investor interest in the country.

The envoy made the statement during a British-funded training course on the implementation of stronger antimoney laundering measures held at the Bangko Sentral ng Pilipinas complex on Nov. 26.

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The training gathered Philippine officials from agencies involved in enforcing the Anti-Money Laundering Act (AMLA).

The training was held as the Philippines moved closer toward passing amendments to the AMLA, a measure certified as urgent by President Aquino.

“I know that everyone is waiting for the passage of the third and final amendment to the Anti-Money Laundering Act. We hope that it will be passed. The anticorruption initiatives are a big part of why there is increased interest from companies to work in the Philippines,” Lysaght said. Tarra Quismundo

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TAGS: AMLA, Anti-Money Laundering Act, British Embassy, Corruption, Terrorism, terrorist funding
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