The Philippines remains on the FATF grey list.
The Philippines.- The Anti-Money Laundering Council (AMLC) has insisted that the Philippines remains committed to bolstering its anti-money laundering (AML) measures. It said in a release that key government agencies were supporting directives and implementing controls.
Despite the lapse of January 2023 deadlines agreed with FATF, the AMLC said relevant agencies remained dedicated to implementing outstanding action plans. It called on the private sector to contribute.
The country has been on the Financial Action Task Force’s (FATF) grey list since June 2021. In October, the FATF urged the swift implementation of the Philippines’ action plan to address strategic deficiencies. Acknowledging progress, the FATF highlighted areas where more effort was required, particularly in the controls to mitigate risks linked to casino junkets.