The Financial Action Task Force (FATF) is keeping the Philippines on its grey list of jurisdictions that require increased monitoring due to the risk of financial crime.
The Philippines.- The Financial Action Task Force (FATF), the Paris-based inter-governmental agency that monitors controls on anti-money laundering and terrorist financing, has decided to keep the Philippines on its grey list of untrustworthy jurisdictions.
The FATF acknowledged that the Philippines had “taken steps to improve its AML/CFT regime” since last June but lists eight areas where more work needs to be done. It said the country must “continue to work to implement its action plan” to address the country’s AML/CFT deficiencies.
Among the recommendations, it said the Philippines needs to demonstrate that it uses AML and CFT controls “to mitigate risks associated with casino junkets.”
Last 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 grey list are required to submit progress reports to FATF three times a year. The Philippines has been on the grey list before from 2000 until 2005.