{"id":777010278,"date":"2023-10-19T08:16:25","date_gmt":"2023-10-19T11:16:25","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=777010278"},"modified":"2026-04-22T16:59:31","modified_gmt":"2026-04-22T19:59:31","slug":"philippines-continues-working-to-exit-fatf-gray-list","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/philippines-continues-working-to-exit-fatf-gray-list","title":{"rendered":"Philippines continues working to exit FATF gray List"},"content":{"rendered":"\n<p>The country aims to exit the Financial Action Task Force (FATF) gray list by January 2024.<\/p>\n\n\n\n<!--more-->\n\n\n\n<p>The Philippines.- The Philippines is aiming to address and\u00a0<strong>rectify eight deficiencies in the country\u2019s AML\/CFT controls\u00a0<\/strong>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.\u00a0<\/p>\n\n\n\n<p><strong>See also:&nbsp;<\/strong><a target=\"_blank\" href=\"https:\/\/focusgn.com\/asia-pacific\/imf-urges-philippines-to-speed-up-efforts-to-exit-fatf-gray-list\" rel=\"noreferrer noopener\">IMF urges Philippines to speed up efforts to exit FATF Gray list<\/a><\/p>\n\n\n\n<p>The Philippines was put on the FATF gray list in June 2021\u00a0following an evaluation report by the Asia-Pacific Group on Money Laundering (APG), which highlighted 18 deficiencies in the country\u2019s AML\/CFT controls. While progress has been made, eight concerns must still be addressed if the country is to exit the list in January. <\/p>\n\n\n\n<p>Executive secretary\u00a0<strong>Lucas Bersamin<\/strong>, 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.\u00a0<\/p>\n\n\n\n<p>In July, during a keynote speech at the SiGMA Asia, PAGCOR chairman and CEO,<strong> Alejandro H. Tengco<\/strong>, stressed the importance of the Philippines\u00a0<a rel=\"noreferrer noopener\" href=\"https:\/\/focusgn.com\/asia-pacific\/pagcor-ceo-stresses-need-for-philippines-to-exit-fatf-grey-list\" target=\"_blank\">being removed from the FATF<\/a>\u00a0arguing it not only impacts the gaming industry but also the nation\u2019s trade, commerce and global financial standing.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The country aims to exit the Financial Action Task Force (FATF) gray list by January 2024.<\/p>\n","protected":false},"author":176,"featured_media":777033803,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"The Philippines is actively working to address eight remaining AML\/CFT deficiencies identified by the FATF to exit its gray list by January 2024. This initiative involves a national strategy (NACS 2023-2027) and mandated agency performance reviews, with key stakeholders like PAGCOR emphasizing the critical impact on the nation's trade, commerce, and the iGaming sector.","focusai_entities":"Financial Action Task Force, National Anti-Money Laundering, Counter-Terrorism Financing and Counter-Proliferation Financing Strategy, International Monetary Fund, Asia-Pacific Group on Money Laundering, Lucas Bersamin, Anti-Money Laundering Council, SiGMA Asia, PAGCOR, Alejandro H. Tengco","focusai_location":"Philippines","focusai_target_profile":"ceo_executive (0.9), regulator (1.0), compliance_legal (1.0), operator_casino (0.9), payments_fraud_aml (1.0), investor_analyst (0.9), supplier_vendor (0.7), journalist_researcher (0.9)","focusai_suggestions":[{"label":"iGaming Operational Impact","query":"What specific operational and financial due diligence burdens will Philippine-licensed iGaming operators face if the country fails to exit the FATF gray list by the January 2024 deadline?"},{"label":"Regulatory Framework Evolution","query":"How will the implementation of the NACS 2023-2027 strategy specifically enhance the Philippines' B2B\/B2C licensing and regulatory compliance frameworks for the iGaming vertical?"}],"footnotes":""},"categories":[154,16333],"tags":[229],"class_list":["post-777010278","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legislation-news","category-south-east-asia-news","tag-gambling"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777010278","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/users\/176"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=777010278"}],"version-history":[{"count":3,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777010278\/revisions"}],"predecessor-version":[{"id":777033805,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777010278\/revisions\/777033805"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/777033803"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=777010278"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=777010278"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=777010278"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}