AFTER BANK OF BANGLADESH HACKER HEIST, THE PHILIPPINES FEARS MOVE FROM GREY TO BLACK ON FATF LIST
February 1st, 2016
Politicians in the Philippines fear that the country will be censured by the Financial Action Task Force (FATF) after USD81 million stolen from the Bangladesh Bank central bank in February entered the international financial system through Manila casinos. In its most recent evaluation on the Philippines made in 2013, the FATF determined that the country had made significant progress in improving its AML/CFT (anti-money laundering/combating the financing of terrorism) but raised concerns regarding the absence of AML/CFT controls for the casino sector. A move from ...
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