The new law, signed by Philippine President Rodrigo Duterte Duterte, expands the powers of the Anti-Money Laundering Council. - Reuters
MANILA, Jan 31 (Reuters): Philippine President Rodrigo Duterte signed a law on Friday to strengthen anti-money laundering and terrorist financing regulations ahead of a Feb. 1 deadline set by a global financial watchdog.
The South-East Asian nation was at risk of returning to a Financial Action Task Force "grey list" which could delay foreign investment and make remittances from millions of Filipinos overseas, which powers domestic consumer spending, subject to stricter scrutiny and monitoring.
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