President Benigno S. Aquino III has signed two bills into law to enhance transparency and accountability, a Palace official announced on Monday.
In a statement, Presidential Spokesperson Edwn Lacierda said the Chief Executive signed the bills into law entitled “An Act To Further Strengthen The Anti-Money Laundering Law” and “The Terrorism Financing Prevention And Suppression Act of 2012."
"Both will strengthen the capability of government to identify and prevent financial transactions related to illegal activities and those that undermine global security," Lacierda said.
"These qualify as two out of three reforms needed for the country’s compliance with the international standards set by the Financial Action Task Force of the Organization for Economic Cooperation and Development,"
Lacierda, likewise, said the signing of the measures is an affirmation of the administration’s commitment to accountability and transparency which is a cornerstone of President Aquino's governance.