Arroyo signs anti-money laundering law

President Gloria Macapagal-Arroyo signed into law the newly approved anti-money laundering bill minutes after the bicameral Philippine Congress ratified their joint version of the new measure.

One hundred and twenty-nine legislators from the House of Representatives and 13 lawmakers from the Upper House ratified the bill.

"We have saved the Philippines from economic sanctions by members of the Financial Action Task Force (FATF)," said Arroyo, yesterday. "The Philippines had rid its image as a haven for criminals."

Arroyo predicted a "major turn around in the country's bank secrecy law".

"We have met all the basic requirements of the FATF. We will no longer be suspected of money laundering activities," said Senate President Franklin Drilon.

The passage and the signing of the bill was made a day before the September 30 deadline set by the Paris-based Financial Action Task Force of the Organisation for Economic Cooperation and Development.