FATF warnings on Philippines bite.
In an interview to be published today in the Philippines, the president of a bank tells just how the FATF listing has affected his bank.
A report to be published today in the Philippines Business Times will highlight the plight of Philippines banking institutions whilst the FATF continues to pressure the government to change the law.
In an interview with Valentin A. Araneta , President of Rizal Commercial Banking Corp. said that the group's North American remittance subsidiary and not the bank itself had been denied when it applied to open an account with a Canadian bank.
He will say that this was in the light of concerns raised by the Financial Action Task Force (FATF) on the fight against money laundering.
The full story, including comments by the Philippines Bankers' Association, is at Business World, Manila
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