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Philippine Congress approves expanded law against money-laundering

Published on Feb 7, 2013 1:18 PM

MANILA (REUTERS) - Philippine lawmakers have approved amendments that expanded the coverage of a law on illegal movement of money as the country sought to escape sanctions from an international watchdog.

A bicameral Congress committee gave its approval late on Wednesday to the measure strengthening the Anti-Money Laundering Act, ahead of a Feb 18 meeting of the Paris-based Financial Action Task Force (FATF).

"On February, 18 we will know whether what we have passed is enough for us to get out of the dark grey list upwards or go down to the blacklist," Senator Teofisto Guingona was quoted as saying by the Philippine Daily Inquirer's news website.

Inclusion on the FATF blacklist would undermine the Philippines' ability to attract foreign investment and make it difficult for Filipinos abroad to send money home and for local banks to transact business overseas.

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