Philippines escapes FATF sanctions

Following the passage of new anti-money-laundering legislation, the Financial Action Task Force has decided not to impose sanctions on the Philippines. This decision is the result of the enactment on 7 March 2003 of Republic Act No. 9194, which amends the Philippine Anti-Money Laundering Act of 2001. The new legislation addresses the main legal deficiencies in the Philippine anti-money laundering regime previously identified by the FATF.

However, the Philippines will remain on the list of non