Philippines Obtains Technical Assistance in Anti-Money Laundering Regime

On May 23, 2002 Financial Action Task Force officials said the Asian Development Bank and the U.S. Government have promised to support the Philippines Government?s efforts to develop its anti-money laundering regime. The ADB has agreed to provide a $ 1 million technical assistance grant to ?implement an effective, time bound anti-money laundering system that is fundamental to strengthening market government and investor confidence? in the Philippines and helping to improve transparency and diminish corruption among its developing member economies. The ADB funds will help the Anti-Money Laundering Council (AMLC), which design a monitoring system against proceeds of crime. The ADB project will also enable Philippine officials to receive ?specialized training? in implementing anti-money laundering measures. The U.S. Agency for International Development has also signed a memorandum of understanding with the Philippine central bank that establishes a framework for future U.S. AID grants and assistance to the Anti-Money Laundering Council.