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ADB 2002-09: Strengthening the Anti-Money Laundering Regime (ACCSF)

The need for an effective anti-money laundering regime is crucial and pressing for at least two sets of reasons: (i) Money laundering activities have their origins in graft, corruption, and other forms of criminal activity.4 These activities undermine the Government’s legitimacy as well as investor confidence. The development of an effective anti-money laundering regime is fundamental to strengthening market governance and investor confidence. It is likewise fundamental to supporting a broad range of reforms in the context of ADB’s core policies on governance and anticorruption, and the 2002-2004 Country Strategy and Program Update specifically promotes good governance through “improving transparency…and tackling corruption.” (ii) The Philippines has been included in the Financial Action Task Force on Money Laundering’s (FATF)5 list of noncooperative countries and territories (NCCTs), and it needs to substantially comply with FATF recommendations to avoid countermeasures. The countermeasures would significantly impede the ability of financial institutions located in the Philippines and of Philippine financial institutions located abroad to conduct international transactions. Imposition of countermeasures would have a disastrous impact on the country’s economic recovery.

Asian Development Bank
Authors Keywords
ADB; banking system;
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Published in 2002 and available in the ADB or Downloaded 11,060 times since November 25, 2011
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