THE Philippines’ recent exit from the Financial Action Task Force’s (FATF) gray list will make it easier and faster for overseas Filipino workers to send money back home, said the Security and Exchange Commission (SEC).
In a press conference, the SEC explained that because of the Philippines’ inclusion in the dirty money gray list these past several years, people sending money to the country were subjected to enhanced due diligence.
“We have some information reaching us that some OFWs in certain countries in Europe are having some difficulty,” said SEC Chairperson Emilio Aquino.
“It’s beyond the basic questions. Pinapa-test, nire-require ng additional documents for actual verification. Ang bottom line is, ano bang business sense? Why do you even have this kind of money? Are you earning and all that?” he added.
The regulator said it could also be costly, even for money couriers.
“Being high-risk tayo, mas matindi ang bantay sa’tin. And yung pagbabantay na yun, merong cost yun. Kasi may tao na iha-hire sila para bantayan yun. Bawat transaksyon mo, babantayan nila, dadagdagan ng requirement. So hindi lang sa mas mahal na, pwedeng pang outright na hindi na lang kami mag-e-engage dito kasi parang hindi naman worth it makipag-enter into a transaction with them,” said Assistant Director Daniel Macalino of the Anti-Money Laundering Division (AMLD) of SEC.
Aquino said there are even instances where it would be used for scamming purposes.
The SEC said that the Philippines’ removal from the gray list is also seen to attract more foreign investors to set up shop in the country and generate more jobs for Filipinos.
“We expect an increase in the foreign direct investments or FDIs as well as possible credit rating upgrade. I cannot straightforwardly say the amounts, but it will be substantial. It will be in the billions,” said Aquino.
Moving forward, the SEC said it will continue to push for more reforms to ensure that the Philippines will not become a safe haven of money laundering and terrorism financing.
Among these reforms are amendments to the Bank Secrecy Law. (ABS-CBN News)
