{"id":777010721,"date":"2023-10-31T07:39:21","date_gmt":"2023-10-31T10:39:21","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=777010721"},"modified":"2026-04-22T16:39:17","modified_gmt":"2026-04-22T19:39:17","slug":"fatf-urges-the-philippines-to-swiftly-implement-aml-action-plan","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/fatf-urges-the-philippines-to-swiftly-implement-aml-action-plan","title":{"rendered":"FATF urges the Philippines to swiftly implement AML action plan"},"content":{"rendered":"\n

The country remains on the Financial Action Task Force’s grey list.<\/p>\n\n\n\n\n\n\n\n

The Philippines.-\u00a0The Financial Action Task Force (FATF)\u00a0<\/strong>has again urged the Philippines to expedite the implementation of its action plan on anti-money laundering (AML) and the financing of terrorism (CFT).\u00a0The country was put on the FATF grey list in June 2021 after an evaluation report by the Asia-Pacific Group on Money Laundering (APG) highlighted 18 deficiencies in AML\/CFT controls.<\/p>\n\n\n\n

The FATF’s statement reads: “The FATF urges the Philippines to swiftly implement its action plan to address the strategic deficiencies as soon as possible, as all deadlines expired in January 2023.”<\/p>\n\n\n\n

See also: <\/strong>IMF urges Philippines to speed up efforts to exit FATF Gray list<\/a><\/p>\n\n\n\n

While progress has been made, eight concerns must still be addressed if the country is to exit the list in January. The FATF has said that the Philippines must demonstrate effective use of AML and CFT controls to mitigate risks associated with casino junkets.<\/p>\n\n\n\n

Executive secretary\u00a0Lucas Bersamin<\/strong> had mandated agencies\u00a0to review and evaluate their performance<\/a>\u00a0based on the International Cooperation Review Group (ICRG) Action Plans by November 30. The Anti-Money Laundering Council has been ordered to provide a report by December 8.\u00a0<\/p>\n\n\n\n

In July, during a keynote speech at the SiGMA Asia, PAGCOR chairman and CEO,\u00a0Alejandro H. Tengco<\/strong>, stressed the importance of the Philippines\u00a0being removed from the FATF<\/a>. He said it not only impacts the gaming industry but also the nation\u2019s trade, commerce and global financial standing.<\/p>\n","protected":false},"excerpt":{"rendered":"

The country remains on the Financial Action Task Force’s grey list.<\/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 Financial Action Task Force (FATF) has reiterated its call for the Philippines to expedite the implementation of its anti-money laundering (AML) and counter-financing of terrorism (CFT) action plan, with all deadlines having expired in January 2023. The country remains on the FATF grey list due to 18 identified deficiencies, including the need for effective controls against casino junket risks, impacting its iGaming sector and broader financial standing.","focusai_entities":"Financial Action Task Force, Asia-Pacific Group on Money Laundering, International Monetary Fund, 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":"AML\/CFT Deficiencies Impact?","query":"What specific regulatory amendments or enforcement actions are required to address the remaining eight AML\/CFT deficiencies, particularly concerning casino junkets, and what is the projected timeline for their implementation?"},{"label":"FATF Grey List Investment Impact?","query":"How will the continued FATF grey listing impact foreign direct investment and the operational licensing landscape for iGaming operators in the Philippines, and what mitigation strategies are being considered?"}],"footnotes":""},"categories":[154,16333],"tags":[24038,23911],"class_list":["post-777010721","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legislation-news","category-south-east-asia-news","tag-fatf","tag-gambling-regulation"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777010721","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=777010721"}],"version-history":[{"count":3,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777010721\/revisions"}],"predecessor-version":[{"id":777033804,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777010721\/revisions\/777033804"}],"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=777010721"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=777010721"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=777010721"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}