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PH AMLC actively implementing enhanced AML, CTF protocols

December 4, 2023 Philippines Crime & Legal

The Philippines’ Anti-Money Laundering Council (AMLC) is rapidly implementing tighter anti-money laundering (AML) and counter-terrorism financing (CTF) regulations for casino junkets in response to objections from the Financial Action Task Force (FATF).

The Philippines has been urged by the FATF to address any gaps in its anti-money laundering (AML) regulations, particularly those that pertain to gaming junkets, as soon as feasible.

In its answer last week, the AMLC reaffirmed its commitment to enhancing the effectiveness of its AML, CTF, and counter-proliferation financing regimes. In an effort to strengthen its AML and CTF practices, the Philippines has been actively collaborating with the Asia/Pacific Group on Money Laundering and the Financial Action Task Force since June 2021.

The main initiatives include implementing AML and CTF controls to manage risks related to casino junkets, enhancing risk-based supervision of DNFBPs (Designated Non-Financial Businesses and Professions), enhancing the ability of law enforcement agencies to access Beneficial Ownership data, and intensifying money laundering investigations and prosecutions. The FATF issued a warning over the deadlines expiring in January 2023, however the AMLC reaffirmed the relevant authorities’ commitment to swiftly and efficiently completing unfinished action plans.

In June 2021, the Philippines was placed on the FATF’s “grey list” due to deficiencies in CTF and AML regulations. In order to protect the resilience and integrity of the nation’s financial landscape, the AMLC called on the business sector to take part in the efforts to take the country off the grey list. They emphasized the importance of ongoing development and collaboration with foreign partners.

Original story by: IAG

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