PH hopeful to be removed from FATF money laundering ‘grey list’ this year

There is hope that the Philippines would be removed off the Financial Action Task Force’s (FATF) “gray list” for money laundering this year, according to the Philippines Anti-Money Laundering Council.

In June 2021, the Financial Action Task Force (FATF) added the Philippines to its list of nations under investigation (NAFT) due to issues with money laundering via casino junkets and inadequate efforts to stop terrorist financing.

Matthew David, Executive Director of the Anti-Money Laundering Council, said at a news conference held at the presidential palace that the Philippines has failed to resolve certain concerns brought out by the Financial Action Task Force. David emphasized the significant burden imposed by terrorist funding prosecution, noting that more instances of terrorism financing must be filed in order to comply with FATF criteria.

David cautioned about the repercussions of being on the grey list for too long, stating that it is more likely that the Philippines would be demoted to the black list the longer it is on the list. The move would also entail more strict procedures and greater transaction charges for millions of Filipinos who reside overseas and transfer billions of cash to the Philippines.

Original story by: Reuters