New Regulations Against Money Laundering Released

The Anti Money Laundering Council (AMLC) released new regulations 10 months after $81 million in stolen Bangladeshi money made its way into the Philippine financial system and unmasked loopholes in the law. It made clear that those abetting money laundering are now liable for criminal acts. AMLC can seize assets of and launch bank inquiries regarding suspects without prior criminal charge or conviction. Banks and other financial…

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