The Philippine government issues a circular in the hopes of being removed off the FATF’s blacklist.

Expressing optimism about its removal from the Financial Action Task Force (FATF) grey list, the Philippine government has issued directives for 44 government agencies to revise their policies. Consequently, numerous authorities, including PAGCOR, will be mandated to reevaluate their anti-money laundering (AML) and counter-terrorism financing (CTF) procedures.

As outlined in Memorandum Circular No. 37, issued by the Office of the President, government organizations are tasked with rectifying the shortcomings that led to the Philippines’ placement on the FATF grey list. The country found itself on this list in 2021 due to its inadequate efforts in combating money laundering, particularly concerning casino junkets and insufficient information sharing among financial institutions.

The Memorandum Circular emphasizes the immediate implementation of the National AML, CTF, and Counter-Proliferation Financing Strategy (NACS) spanning the years 2023 to 2027. The government’s primary objective, underscored in its announcement, is to combat fraudulent activities, with the goal of exiting the FATF grey list by January 2024.

The Memorandum places significant emphasis on prompt action in alignment with the NACS and FATF’s International Co-operation Review Group (ICRG) Action Plans. Additionally, it establishes an ML/TF NRA Working Group composed of nine subgroups responsible for various aspects of the NRA.

The ML/TF NRA Working Group will be led by the Anti-Money Laundering Council (AMCL), which will also be responsible for issuing guidelines and coordinating with other government departments, agencies, and private sector entities. The funding for this initiative will be allocated from the budgets of relevant agencies, in accordance with applicable regulations.

The Memorandum Circular takes effect immediately, underscoring the Philippines’ determination to expedite its removal from the FATF grey list.

In recent developments, China has committed to aiding the Philippines in addressing illegal offshore gambling, following joint actions between the two nations that resulted in the repatriation of 400 Chinese nationals. Furthermore, in September, China, in partnership with ASEAN and the United Nations Office on Drugs and Crime, launched a new initiative aimed at combating transnational criminal activities.

Original Story by: Gambling News