AMLA should have more teeth – Finex

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THE Financial Executives Institute of the Philippines (FINEX) expressed the need to give more teeth to the country’s anti-money laundering law to prevent the entry of dirty money.

George Chua, Finex president, said the business group is supporting the Senate, Bangko Sentral ng Pilipinas (BSP) and the Anti-Money Laundering Law Council (AMLC) in their investigation of the laundering of the $81 million stolen from the Bank of Bangladesh.

The money was transferred to five separate accounts at the Rizal Commercial Banking Corp. (RCBC) under fictitious names. The funds were then transferred to local foreign exchange broker Philrem which in turn delivered the money to casino junket operators.

Chua told The Manila Times that any amendments to the anti-money laundering law should be well-thought.


“We have to listen first and be open to know which parts of the law should be changed,” Chua said at the sidelines of the group’s fourth general membership meeting in Makati City.

Chua said Finex is actively pursuing its battlecry of “supporting financial inclusion for all Filipinos” by continuously conducting basic financial education seminars for all its member companies and affiliates.

Finex is also partnering with media organizations to further inform and educate Filipinos.
At its Thursday membership meeting, it signed memorandum of agreements with The Manila Times and TV station ABS-CBN.

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