The country aims to exit the Financial Action Task Force (FATF) gray list by January 2024.
The Philippines.- The Philippines is aiming to address and rectify eight deficiencies in the country’s AML/CFT controls identified by the Financial Action Task Force (FATF). The measures require approval of the National Anti-Money Laundering, Counter-Terrorism Financing and Counter-Proliferation Financing Strategy (NACS) for the period spanning 2023-2027.
The Philippines was put on the FATF gray list in June 2021 following an evaluation report by the Asia-Pacific Group on Money Laundering (APG), which highlighted 18 deficiencies in the country’s AML/CFT controls. While progress has been made, eight concerns must still be addressed if the country is to exit the list in January.
Executive secretary Lucas Bersamin, through Memorandum Circular No. 37, has mandated directives to heads of agencies to review and evaluate their performance based on the International Cooperation Review Group (ICRG) Action Plans and to assign responsible persons. The directive calls for the completion of these action items by November 30. The Anti-Money Laundering Council has been ordered to provide a report detailing the progress of NACS 2023-2027 implementation by December 8.
In July, during a keynote speech at the SiGMA Asia, PAGCOR chairman and CEO, Alejandro H. Tengco, stressed the importance of the Philippines being removed from the FATF arguing it not only impacts the gaming industry but also the nation’s trade, commerce and global financial standing.