MANILA: The Philippines risks being included in an international "grey list" of nations falling short of global money-laundering rules if it fails to enact and effectively implement a new anti-terrorism bill, its anti-money laundering body warned on Saturday (Jun 13).
The bill, opposed by human rights activists who fear it could be used to suppress free speech and harass those who challenge the government, is awaiting Philippine President Rodrigo Duterte's signature.
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Though the country's compliance with global rules had improved, the Anti-Money Laundering Council said, it must pass and show it could implement tougher measures to combat terrorism before the observation period set by the intergovernmental Financial Action Task Force expires in February.
READ: Protesters rally against Philippine anti-terrorism Bill
Failure to do so, it said, could lead to the Philippines being included in the global watchdog's grey list, which could hurt the economy, already reeling from the impact of the COVID-19 pandemic.
"The Philippines' inclusion in the grey list will result in an additional layer of scrutiny from regulators and financial institutions," the council said in a statementRead More – Source
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