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PH Anti-Money Laundering Council announces commitment to bolstering country’s AML/CFT regime

February 21, 2024 Philippines Crime & LegalIndustry Updates

The Philippines’ Anti-Money Laundering Council has said that it wants to strengthen the country’s anti-money laundering and counter-terrorism financing (AML/CFT) framework, with an emphasis on lowering the risks connected with casino junkets. This commitment is in line with the goals of President Ferdinand Marcos Jr.

This notice is being sent out ahead of the Financial Action Task Force’s (FATF) fifth plenary conference, which is set to take place in Paris, France, from Wednesday through Friday. During the FATF conference, the states that have been recognized as possible threats to the global financial system will report on their progress.

The Philippines has been on the Financial Action Task Force’s (FATF) “grey list” of nations that need closer supervision because of the risk of financial crime since June 2021. In October, the FATF recommended the Philippines to adopt its action plan as soon as possible in order to address significant issues with AML/CFT.

Supervisors, regulators, prosecutors, and law enforcement officials gathered on February 7 to discuss how to carry out the action plan recommendations made by the Financial Action Task Force (FATF), according to the Anti-Money Laundering Council of the Philippines. Executive Director Matthew David of the Anti-Money Laundering Council Secretariat stressed the need of interagency collaboration in addressing these problems and updating the president on developments.

Increased compliance amongst approved non-financial firms and professions, better databases of beneficial ownership information, and reduced risk in casino junkets are all results of government authorities working together. Additionally, the Philippines has enhanced cross-border currency disclosure procedures and fortified its investigative and prosecutorial capacities related to AML/CFT.

It is requested of the business community to support these goals by following applicable rules and regulations.

The Financial Action Task Force holds its plenary meeting in Paris, known as “FATF Week,” with delegations from nearly 200 member and observer organizations, including the World Bank, Interpol, the International Monetary Fund, the United Nations, and the Egmont Group of Financial Intelligence Units.

Original story by: GGRAsia

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