DDB welcomes anti-money laundering law signing

QUEZON CITY, Feb. 1-- Dangerous Drugs Board Secretary Catalino S. Cuy welcomed President Rodrigo Duterte’s signing of Republic Act No. 11521, strengthening the Anti-Money Laundering Act of 2001.

DDB said it was a significant development in the campaign against illegal drugs  as it will also strengthen the conduct of financial investigation for drug cases through prosecution and judicial measures.

“By looking into the channels where drug traffickers funnel money for their illegal drug trading activities, we will have better chances of catching and prosecuting the big fish,” Sec. Cuy said.

From a policy standpoint, DDB will work with the Anti-Money Laundering Council (AMLC) to ensure collaboration among anti-drug law enforcement agencies and other government agencies implementing the Philippine Anti-Illegal Drugs Strategy (PADS) as it also advocates proper investigation of suspicious drug -related financial transactions.

Meanwhile, the law would pave the way for the Philippines be excluded from the “gray list” of Financial Action Task Force (FATF), an International Cooperation Financial Review Group and a watchdog of countries failing to address ‘dirty’ ’money issues and transactions. (ARR/PIA-IDPD)

Source: Philippines Information Agency (pia.gov.ph)

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