Philippines widens scope of anti-money laundering rules

MANILA, April 4 (Bloomberg): The Philippines will now require all financing and lending companies to register with the Anti-Money Laundering Council, report suspicious transactions and comply with other rules aimed at combating money laundering and terrorism financing in the country.

The rules previously applied only to financing and lending firms with more than 40% foreign participation in voting stocks and those with paid-up capital of at least 10 million pesos ($206,100).