FATF calls on PH to swiftly implement action plan in addressing AML

The Philippines has been urged to expedite the implementation of its action plan to address strategic deficiencies in counterterrorism financing (CFT) and anti-money laundering (AML) by the Financial Action Task Force (FATF), a Paris-based watchdog. The Philippines will stay on the FATF’s “grey list,” which indicates a need for closer monitoring of the risk of financial crime, until June 2021.

A closer examination of a jurisdiction reveals the nation’s resolve to address any strategic inadequacies in CFT and AML as soon as possible. The FATF underlined that the Philippines must act swiftly because by January 2023, all deadlines for addressing these shortcomings will have passed.

The FATF’s most recent report states that the Philippines has strengthened its AML/CFT system significantly since June 2021. The FATF did, however, point out areas in which the nation’s strategic deficiencies in these areas require additional attention.

The international group recommends, among other things, that the Philippines show off how well it has implemented AML and CFT procedures in order to lessen the risks connected to gambling junkets.

The governor of the central bank of the Philippines announced in January that the nation has been granted an additional year, until January 2024, to fulfill the financial requirements necessary to be taken off the FATF risk list.

A memo circular outlining the Philippines’ “National Anti-Money Laundering, Counter-Terrorism Financing, and Counter-Proliferation Financing Strategy 2023-2027” has been released by the President’s Office of the Philippines. By January 2024, this plan aims to assist the Philippines in being removed from the FATF’s “grey list.”

A member of the Philippine House of Representatives emphasized in September the importance of upholding stringent AML regulations in casino operations.

The CEO and chairman of the Philippine Amusement and Gaming Corp (Pagcor), Alejandro Tengco, emphasized the importance of this goal in July when he stated that the nation’s goal is to be taken off the FATF’s “grey list.”

Original story by: GGRAsia