FATF officials to meet Congress leaders tomorrow

DAVAO CITY — Senate President Franklin Drilon is hopeful the Philippines will meet the March 15 deadline for passing amendments to the Anti-Money Laundering Law (AMLA) set by the Paris-based Financial Action Task Force (FATF).

"We will intensify our efforts that the necessary amendments shall be done before the deadline," Drilon told reporters in an interview here yesterday morning.

The FATF was already set to impose still unspecified sanctions against the Philippines last month for Congress’s failure to enact amendments that meet the standards of the global financial watchdog.

But sanctions, Drilon said, could hopefully be avoided once there will be a meeting of minds between the parties concerned in drawing up the amendments.

The Senate chief disclosed that FATF officials are arriving in Manila tomorrow and a meeting has been set with leaders of the Senate and Lower House.