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Friday, November 05, 2004
Moreno warns on failure of RP to exit blacklist
By Lizanilla J. Amarga
* Gov says country would find it tough to access intl credit
* Moreno adds govt completes first requirement but failed to meet the second
MISAMIS Oriental Gov. Oscar Moreno warned that the country would be facing more problems if it should again fail to immediately get itself delisted from the International Monetary Fund (IMF) Financial Action Task Force (FATF) for money laundering blacklist.
"If the Philippines continue to dilly-dally and come up with unfulfilled promises we will be in for difficult times which is the last thing we need considering our already tight fiscal situation," he said.
Moreno's statement was issued during the 19th Foundation Anniversary of the Cagayan de Oro Chamber of Commerce and Industry held at the Grand Caprice last week.
The governor explained that the country immediately should move to get itself delisted from FATF for money laundering.
He said there are now two requirements that is to get delisted which is to pass an anti-money laundering law that meets international standards and government's effective implementation of that law.
"We have already completed the first requirement as we have already amended our anti-money laundering law that was passed last 2001-2002 but still we have not yet been delisted," he said.
Moreno who worked as a corporate lawyer for decades before running for public office said there were originally 15 countries that were blacklisted by the FATF and now there are only two--Nauro and the Philippines.
He said should the Philippines remain in the blacklist then FATF would be forced to implement stricter measures.
"The continued delay in the Philippines being delisted will alarm the entire international community and there would be corresponding sanctions," he said.
"It would also become hard to secure letters of credit and banking relationships would be cut as foreign banks would experience more time-consuming and more expensive transactions with the Philippine banks," he added.
(November 5, 2004 issue)
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