Philippines says bombing may threaten exit from dirty money list

Philippine President Ferdinand Marcos Jr had blamed on "foreign terrorists” the explosion at a Catholic mass in Marawi City on Dec 3. - AFP

MANILA: The recent bombing in southern Philippines that killed four could affect the nation’s bid to exit the grey list of a global money laundering watchdog, the country’s central bank chief said.

"The bombing implies there was some terrorist financing,” Bangko Sentral ng Pilipinas Governor Eli Remolona told reporters late Wednesday (Dec 6).

"But the other side of the story is that the bombing was in retaliation for our being more strict on terrorist financing. That shows that we are trying harder,” he added.

Paris-based Financial Action Task Force is set to assess in February the Philippines’ efforts to combat illicit financing, Remolona said.

In June, the task force noted deficiencies in the country’s implementation of a law that will deter money laundering and terrorist financing.

Remolona said "the whole government” is trying to help the country get out of the grey list, which according to the FATF means a jurisdiction is under "increased monitoring.”

Philippine President Ferdinand Marcos Jr had blamed on "foreign terrorists” the explosion at a Catholic mass in Marawi City on Dec.3 that also injured at least 50 people. - Bloomberg

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Philippines , bombing , money , list , terror , financing , Remolona


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