Statement by the Press Secretary: Passage of Important Anti-Money Laundering Legislation in the Philippines

The United States warmly welcomes the Republic of the Philippines' enactment today of a law to strengthen protection against money laundering. This law will be an important tool in the war against terror, preventing criminals and terrorists access to the international financial system. In a world in which terrorism and criminality are so closely linked, strong anti-money laundering regimes are more important now than ever before. We congratulate President Gloria Macapagal-Arroyo and the leadership of the Philippine legislature on this advance in the Government's program to reform the economy, fight against crime and corruption, and stamp out terrorism.