Philippines Poised for FATF Exit Despite Money Laundering Concerns

Notwithstanding high levels of money laundering, particularly in the gambling industry, a Moody’s analyst speculates that the Philippines would soon be taken off the Financial Action Task Force (FATF) grey list.

The Philippines is on pace, according to senior director at Moody’s Choon Hong Chua, because of its dedication to strengthening anti-money laundering laws.

He mentions more stringent regulations and improved bank relations.

Notwithstanding this hope, Moody’s research indicates that from 2022 to 2023, the Philippines will see a 45% rise in instances of money laundering, primarily as a result of online gambling and casinos.

These worries have been acknowledged by the government, which is headed by President Marcos Jr.

It has asked agencies to step up their efforts and prioritizes swift removal from the gray list. Investigative and prosecution efforts will also be intensified, according to the Anti-Money Laundering Council.

Collaboration is necessary, though. Chua highlights the necessity for the business sector to invest in digital technologies and follow new standards in order to facilitate faster and more effective reporting.

In order to detect and address possible money laundering issues, he also recommends enhancing third-party risk management.

Moody’s feels the Philippines is moving closer to getting off the grey list, even if there are still challenges to overcome. This might help the country’s finances.

Original Story by: Asian Gaming Brief