Philippines faces sanctions on money laundering

PHILIPPINES - The Philippines could face sanctions from a range of industrialised countries from the end of September thanks to its failure to tackle money laundering, according to an international agency which monitors the issue.

In its annual session in Paris, the Financial Action Task Force (FATF) - an independent offshoot of the 29-member Organisation for Economic Co-operation and Development - said the Philippines "has still not enacted long-awaited and necessary legal reforms" to curb

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