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Philippines Aims for FATF Grey List Exit in January 2025

July 10, 2024 Philippines Industry Updates

Philippines Central Bank Governor Doubts Meeting FATF Grey List Exit Deadline This Year, Aims for January 2025

The head of the Philippines central bank has expressed concerns about meeting the deadline to exit the FATF grey list this year, predicting it will likely be achieved in 2025 instead. Bangko Sentral ng Pilipinas (BSP) Governor Eli M. Remolona, Jr., stated that it is improbable for the country to be removed from the Financial Action Task Force’s (FATF) grey list by October this year, as originally planned.

In this context, the BSP aims to exit the FATF’s grey list by January 2025.

The Philippines was placed on the grey list by the FATF in June 2021 due to 18 identified deficiencies in the country’s efforts related to anti-money laundering (AML), combating the financing of terrorism (CFT), and countering proliferation financing (PF) linked to chemical, nuclear, and biological weapons.

Remolona noted that the evaluation scheduled for October will determine if the Philippines has resolved these deficiencies. The international organization, headquartered in Paris, will conduct a review between October and January, targeting January 2025 as the exit date.

He further explained that the country has addressed 15 of the 18 deficiencies, now classified as largely resolved, leaving three action items to focus on.

In its June update, the FATF maintained the Philippines on its grey list for the third consecutive year. The update acknowledged the Philippines’ “significant” progress in enhancing its anti-money laundering and counter-financing of terrorism (AML/CFT) framework but emphasized the need to address the remaining deficiencies.

The FATF has also expressed concerns about the monitoring of casinos and junkets in the country. In response, the head of the central bank highlighted that the Philippine Amusement and Gaming Corp. (PAGCOR) is improving its monitoring of casino junkets.

Original Story by: AGB

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