Tuesday, August 26, 2014

ARE CO-OPS AT RISK TO MONEY LAUNDERING?






Are cooperatives among the risk areas for money laundering /terrorism financing?


The answer to this could be inferred with the inclusion of the Cooperative Development Authority (CDA), to the ML/TF NRA (Money Laundering/Terrorism Financing National Risk Assessment) Working Group.

The Office of the President of the Philippines issued Memorandum Circular No. 64, dated June 20, 2014, creating such Group.

It called on all concerned agencies (including CDA) to fully support and actively participate in the conduct of the Money Laundering/Terrorism Financing (ML/TF) National Risk Assessment (NRA) through involvement in the ML/TF NRA Working Group.

The NRA is an organized and systematic effort to identify and evaluate the sources and methods of money laundering and terrorist financing and weaknesses in the anti-money laundering/counter-terrorist financing systems and other vulnerabilities that have an impact, either direct or indirect, on the on the country conducting the assessment, according to SEC Memorandum Circular No. 17, series of 2014.

So, there.  Let's wait for the results of the study of the Working Group, to know if COOPERATIVES are at risk to money laundering activities. (END)

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