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RP named laundering center for drug money By Michaela P. del Callar 03/23/2011

Wednesday, March 23, 2011

RP named laundering center for drug money

By Michaela P. del Callar 03/23/2011

The Philippines was among countries that the United States cited as the global centers for the laundering of money coming from international narcotics trafficking in a recent report.

In its 2011 International Narcotics Control Strategy Report, the US State Department Bureau of International Narcotics and Law Enforcement Affairs placed the Philippines in the “Jurisdictions of Primary Concern,” a roll of coun-tries said to be engaged in heavy narco-money laundering activities.

“The complex nature of money laundering transactions today makes it difficult in many cases to distinguish the  proceeds of narcotics trafficking from the proceeds of other serious crime,” the State Department said.
However, it noted that financial institutions engaged in transactions that involve significant amounts of proceeds from other  serious crimes, like the Philippines, “are vulnerable to narcotics-related money laundering.”.... MORE

SourceThe Daily Tribune

URL: http://www.tribuneonline.org/headlines/20110323hed4.html

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