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Philippines tightens money-laundering rules, financial loopholes

( December 26, 2016, 09:08 GMT | Insight) -- Under new regulations issued by the Philippines Anti-Money Laundering Council, individuals aiding and abetting money-laundering activity will be held criminally liable, Business World Online reports. Under new regulations issued by the Philippines Anti-Money Laundering Council, individuals aiding and abetting money-laundering activity will be held criminally liable, Business World Online reports. The new rules came in after a review of the Anti-Money Laundering Act of 2001, prompted by a scandal 10 months prior in which $81 million in stolen money was funneled to the Philippines financial system from Bangladesh's central bank. The new penalties entail four to seven years' imprisonment, and fines of up to 200 percent of the amount laundered. Banks and other financial institutions will be required to report suspicious transactions within five to 15 days.  ...

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