President Benigno Aquino III has signed two bills entitled “An Act To Further Strengthen The Anti-Money Laundering Law” (RA 10167) and “The Terrorism Financing Prevention And Suppression Act of 2012” (RA 10168) into law to enhance transparency and accountability.
Presidential spokesperson Edwn Lacierda in a statement said “Both will strengthen the capability of government to identify and prevent financial transactions related to illegal activities and those that undermine global security.”
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“These qualify as two out of three reforms needed for the country’s compliance with the international standards set by the Financial Action Task Force of the Organization for Economic Cooperation and Development,” he added.
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