The Philippines’ removal from the Financial Action Task Force (FATF)’s grey list should bring in more jobs as investors become more confident in putting their money in the Philippines, former senator Ping Lacson said.
Lacson also credited the passage of the Anti-Terrorism Act of 2020 and the strengthening of the Anti-Money Laundering Act – which he authored, co-authored and/or sponsored – as well as the total ban on Philippine Offshore Gaming Operators (POGOs) for the removal from the grey list.
“When we are removed from the grey list, investors should become more confident in doing business here. Also playing a big role are the Anti-Terrorism Act’s provisions on terrorist financing and Anti-Money Laundering Act,” he said in Filipino, in an interview on Bombo Radyo.
“The positive effect is that investors are now more confident putting their money here.”
“All these combined, plus the ban on POGOs, all had a role in our removal from the FATF grey list. And the positive effect is that investors are now more confident putting their money here,” he added.
Lacson had authored and/or sponsored laws and amendments of laws such as the Anti-Money Laundering Act; An Act to Further Strengthen the Anti-Money Laundering Law; and the Anti-Terrorism Act of 2020, whose provision on terrorist financing strengthened the anti-terror legislative ecosystem.
In strengthening the AMLA, Lacson had the threshold amount brought down from an unrealistic P4 million to P500,000.
“All these are part of my advocacy.”
All these, he said, are part of his advocacy to “go after dirty money and punish those responsible for having our country tagged as a haven for criminal elements involved in financial crimes and other related criminal activities.”
Meanwhile, Lacson reiterated that proper implementation of our existing laws against money laundering and terrorist financing, further measures like excluding public officials from the Bank Secrecy Act, and consistency in efforts to combat corruption, are needed to sustain our gains.
“We already have the laws in place. Consistency in implementing them is the key,” he concluded.
