Philippines still hopes to be removed from FATF grey list this year
The Philippines still has to implement its action plan.
The Philippines.- The country’s Anti-Money Laundering Council stated that it is optimistic about being removed from the Financial Action Task Force’s (FATF) grey list this year. However, during a presidential palace press conference, Matthew David, executive director of the Anti-Money Laundering Council, said multiple issues have yet to be addressed.
The Philippines has been on the list since June 2021. Issues include the risk of money laundering from casino junkets and a lack of prosecution for terrorism funding cases. The FATF has been waiting for the Philippines to implement its action plan to address strategic deficiencies.
According to Reuters, David warned that the longer the Philippines remains on the grey list, the greater the chance of being downgraded to the black list. This could result in stricter requirements and higher transaction costs for Filipinos living and working abroad who send billions of dollars in remittances.
