Philippines Embassy in Washington Defends Corruption Fight
In a fresh onslaught against money laundering, the intergovernment Financial Action Task Force (FATF) earlier Friday added six names to its blacklist.
The Philippines which was already on the list was accused of taking insufficient steps for its name to be removed.
But the Philippine Embassy here said in a statement that new President Gloria Arroyo had made a "serious effort" to curb money laundering by setting up a task force.
Under a proposed new law being drafted by the task force, it would be illegal to open fictitious bank accounts, and banks will be required to monitor transactions which have no apparent lawful purpose, the statement said.
"This step demonstrates the Philippines commitment to the international community's desire to undertake a global action in stomping out this illegal activity," the statement added.
The statement made no direct mention of the FATF report which called for surveillance of the Philippines fight against money laundering to be stepped up.
According to AFP, the FATF blacklist names Cook Islands, Dominica, Egypt, Guatemala, Hungary, Indonesia, Israel, Lebanon, Marshall Islands, Myanmar, Nauru, Nigeria, Nieue, Philippines, Russia, St. Kitts and Nevis and St. Vincent and the Grenadines.