FATF Pressures Philippines to Fast-Track AML Initiatives for List Removal

Financial Action Task Force (FATF) has once more stressed the need for the Philippines to accelerate the adoption of its action plan concerning anti-money laundering (AML) and counter-financing of terrorism (CFT). The Philippines found its name on the FATF grey list in June 2021 due to an evaluation by the Asia-Pacific Group on Money Laundering (APG) that spotlighted 18 lapses in AML/CFT protocols.

FATF articulated, “We strongly recommend the Philippines promptly roll out its action plan to rectify the strategic shortfalls, especially given that all set deadlines lapsed in January 2023.”

See also: Philippines Encouraged by IMF to Hasten Steps for FATF Gray List Departure

Despite the strides made, the nation still has eight key issues to rectify to potentially exit the grey list by January. For the Philippines to make this transition, the FATF emphasized that it must manifest effective application of AML and CFT mechanisms, particularly in mitigating the perils tied to casino junkets.

Lucas Bersamin, the Executive Secretary, has directed respective departments to analyze and gauge their outcomes based on the International Cooperation Review Group (ICRG) Action Plans, with a deadline of November 30. Furthermore, the Anti-Money Laundering Council is expected to submit a comprehensive report by December 8.

In a significant address at SiGMA Asia in July, Alejandro H. Tengco, the PAGCOR chairman and CEO, accentuated the crucial need for the Philippines’ exit from the FATF. He underlined its paramount influence not just on the gaming sector, but also on the country’s commerce, trade, and global financial reputation.

Tags: #FATF, #Philippines, #AML, #CFT, #GreyList, #AntiMoneyLaundering, #CounterFinancingOfTerrorism, #PAGCOR, #CasinoJunkets.