Philippines, Cambodia still on international AML grey list

The Philippines and Cambodia remain on a list of nations under increased monitoring by the Financial Action Task Force (FATF), also known as the “grey list”, for deficiencies in their efforts to counter money laundering, terrorist financing, and proliferation financing.

However, while the global AML watchdog applauded the Philippines for taking steps towards improving its AML/CFT regime by increasing the resources of its Financial Intelligence Unit and utilizing its Target Financial Sanctions framework, it expressed “significant concern” over the progress of authorities in Cambodia.

In a Friday statement, the FATF said Cambodia had “failed to complete its action plan, which fully expired in January 2021.”

Source: https://www.asgam.com/index.php/2022/03/08/philippines-cambodia-still-on-international-aml-grey-list/