The decision of the Financial Action task Force (FATF) not to apply any countermeasures on the Philippines is definitely good news for the country.
What this means is that following its evaluation of Republic Act No. 9194 which amended our Anti-Money Laundering Act of 2001, FATF now considers Philippine legislation against dirty money to be in accordance with international standards. It is also important to note that the amendments, passed by Congress and signed into law by President Gloria Macapagal-Arroyo on March 7, 2003, were submitted to FATF way ahead of the March 15 deadline it had set for us.
The Anti-Money Laundering Council therefore welcomes the FATF decision. In practical terms, OFWs and the business sector should not worry anymore about possible delayed remittances and financial transactions.
The AMLC is now preparing the anti-money laundering law implementation plan for submission to the FATF.