Philippines Seeks ‘Formidable Tools’ Vs Tax Evasion, Laundering

Department of Finance is working with Congress to hasten the approval of measures amending the Anti-Money Laundering Act and the Bank Secrecy Law, according to Finance Secretary Carlos Dominguez.

• Move is in line with goal of President Rodrigo Duterte’s administration to arm govt with “formidable tools” to fight money laundering and other crimes, Dominguez says in emailed statement
• Meanwhile, available tools to curb tax evasion and other questionable activities, like unrestricted influx of foreign currency into the country, are being utilized, he says

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Ditas Lopez in Manila at dlopez55@bloomberg.net

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