AML Council still working to get The Philippines off FATF grey list

The Financial Action Task Force has urged authorities to continue working to address strategic deficiencies.

The Philippines.- The Financial Action Task Force (FATF), the Paris-based inter-governmental agency that monitors controls on anti-money laundering and terrorist financing, has decided to keep the Philippines on its “grey list” of untrustworthy jurisdictions. The Anti-Money Laundering Council (AMLC) issued a statement saying it is working to get the country off the list.

It said: “guidelines are in place to examine and enforce AML/CFT controls such as a monitoring system to address the risks associated with casino junkets.”

The Philippines is one of several countries that has had its progress reviewed by the FATF since the body’s last update in June. The FATF said the Philippines should continue to work to implement its action plan to address its strategic deficiencies, including evidence that regulators are using AML/CFT controls to reduce risks associated with casino junkets.

In July, the Philippine Amusement and Gaming Corporation (PAGCOR) issued new guidelines in the form of the “Casino Guide for a Fitness and Proprietary Assessment for Junket Operators”. The document aims to aid land-based casinos in their obligations to assess the fitness and propriety nature of junket operators and related associates, agents or promoters.

According to PAGCOR, the guidelines describe the criteria to determine whether any junket operator or applicant for junket operations is “fit and proper”. It forms part of PAGCOR’s commitment to tighten controls to combat money laundering and terrorist financing.

However, the FATF mentioned in its recent review summary that the Philippines needs to improve and simplify access to beneficial ownership information by law enforcement and take steps to ensure such information is accurate and up-to-date.