The country still needs to complete three action items.<\/p>\n\n\n\n\n\n\n\n
The Philippines.- The Philippines may not exit the Financial Action Task Force (FATF) grey list <\/strong>until January next year. Bangko Sentral ng Pilipinas (BSP) governor and Anti-Money Laundering Council (AMLC) chairman Eli Remolona Jr<\/strong> told an economic forum held by the Economic Journalists Association of the Philippines, that the country must still address three of the 18 action items required for removal.<\/p>\n\n\n\n He said: \u201cIn October, the FATF will decide if we\u2019ve fulfilled the 18 action plans. Then, between October and January, they will verify our progress. January is the anticipated exit date.”<\/p>\n\n\n\n Remolona said the government was enhancing its monitoring of casino junkets in collaboration with the Philippine Amusement and Gaming Corporation (PAGCOR). The country must also implement cross-border measures at all major sea and airports, including detecting false currency declarations and confiscating illicit proceeds.<\/p>\n\n\n\n The country was put on the FATF grey list in June 2021 after an evaluation by the Asia-Pacific Group on Money Laundering (APG). It had a target of exit by October<\/a>, but the Philippines was kept on the list after the last FATF meeting in June<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":" The country still needs to complete three action items.<\/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 anticipates exiting the Financial Action Task Force (FATF) grey list by January next year, contingent upon the successful resolution of three outstanding action items. Key initiatives include enhanced monitoring of casino junkets, a collaborative effort with the Philippine Amusement and Gaming Corporation (PAGCOR), and the implementation of robust cross-border measures to interdict illicit financial flows.","focusai_entities":"Financial Action Task Force, Bangko Sentral ng Pilipinas, Anti-Money Laundering Council, Eli Remolona Jr, Economic Journalists Association of the Philippines, Asia-Pacific Group on Money Laundering, Philippine Amusement and Gaming Corporation","focusai_location":"Philippines","focusai_target_profile":"ceo_executive (0.9), regulator (1.0), compliance_legal (1.0), operator_casino (0.9), payments_fraud_aml (0.9), investor_analyst (0.95), supplier_vendor (0.75), journalist_researcher (0.9)","focusai_suggestions":[{"label":"Casino Junket Monitoring","query":"What specific technological and procedural enhancements are being deployed for the monitoring of casino junkets, and what is PAGCOR's revised oversight mandate?"},{"label":"Remaining FATF Action Items","query":"Beyond the gaming sector, what are the precise details of the remaining two FATF action items, and what is the critical path for their verifiable completion?"}],"footnotes":""},"categories":[156,16333],"tags":[24038],"class_list":["post-777017071","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-regulation-news","category-south-east-asia-news","tag-fatf"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777017071","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=777017071"}],"version-history":[{"count":2,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777017071\/revisions"}],"predecessor-version":[{"id":777017087,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777017071\/revisions\/777017087"}],"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=777017071"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=777017071"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=777017071"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}