Philippines still working to be removed from FATF grey list

A meeting was held to update stakeholders.

The Philippines.- Matthew M. David, executive director of the AMLC Secretariat, says efforts are still being made to bolster anti-money laundering and counter-terrorism financing efforts in a bid to get the country removed from the Financial Action Task Force (FATF) Grey List by October.

In a meeting with regulators, law enforcement agencies and prosecutors, the central bank highlighted the results of ongoing collaborative efforts, including increased designated non-financial businesses and professions (DNFBPs) compliance, mitigated risks in casino junkets and a more robust beneficial ownership information database. It said there had been improvements in the implementation of cross-border currency declaration measures and an intensification of investigation and prosecution. 

The Philippines has been on the list since June 2021. Issues include the risk of money laundering from casino junkets and a lack of prosecution for terrorism funding cases. The FATF has been waiting for the Philippines to implement its action plan to address strategic deficiencies. 

A meeting was held to update stakeholders. The Philippines.- Matthew M. David, executive director of the AMLC Secretariat, says efforts are still being made to bolster anti-money laundering and counter-terrorism…