President Marcos wants Philippines off FATF grey list by October
Marcos has ordered anti-money laundering actions and collaborations.
The Philippines.- President Marcos Jr has set a target for the country’s removal from the Financial Action Task Force (FATF) Grey List by October. He ordered the Anti-Money Laundering Council (AMLC) to intensify efforts.
In a Facebook post, Marcos stated: “We’ve directed the AMLC to accelerate action plans to combat money laundering and counter-terrorist financing and to file cases against violators. We’re committed to safeguarding our OFWs by making their transactions safer, reducing costs, and easing regulatory burdens to support them.”
During a meeting at Malacañang, AMLC executive director Matthew David said the president had issued an order to Bangko Sentral ng Pilipinas governor Eli Remolona Jr reiterating the government’s high-level political commitment and directing all government agencies concerned to promptly address the remaining strategic deficiencies identified by the FATF.
The government previously failed to meet the FATF’s January 2023 deadline and a self-imposed deadline of January 2024. The Philippines has been on the list since June 2021. While progress has been made, eight concerns must still be addressed if the country is to exit this year. This includes mitigating risks associated with casino junkets.
