The Financial Action Task Force (FATF) has kept the Philippines on its “grey list” of untrustworthy jurisdictions. The country needs to increase controls to mitigate the risks associated with junket operators.
The Philippines.- Despite efforts to strengthen anti-money laundering and terrorist financing regulations, the Financial Action Task Force (FATF) has said The Philippines needs to introduce more controls against risks associated with junket operators.
It will therefore maintain The Philippines on its grey list of untrustworthy jurisdictions, although it acknowledged that since June, the Philippines “has taken steps to improve its AML/CFT system”. The FATF listed eight areas where more work is needed based on an action plan previously proposed by the Philippine authorities.
The required changes include controls to mitigate the risks associated with casino intermediaries.
In February, President Rodrigo Duterte signed a law to strengthen anti-money laundering and terrorist financing regulations in order to comply with the recommendations of the FATF.
Countries on the greylist are required to submit progress reports to FATF three times a year. The Philippines was put on the grey list before, from 200o until 2005.