Philippines removed from AML monitoring

The Asian country received a nod from the APG, supported by international entities, after it adopted AML measures on casinos.

Philippines.- The Asia/Pacific Group on Money Laundering (APG), which consists of 41 member countries, said that the Philippines exited the “transitional mutual evaluation follow-up,” after President Rodrigo Duterte amended the previous Anti-Money Laundering Act in order to include casinos as well.

The APG is supported by several international organisations such as the World Bank and the United Nations Office on Drugs and Crime. “During the annual meeting, the Philippine delegation reported to APG membership that the casino bill has been signed into law by the President. As such, the Philippines has been taken out from APG membership action,” had said Philippine’s Anti-Money Laundering Council (AMLC).

The APG believes that the Asian country has progressed significantly as it adopted and implemented international standards against money laundering, CNN reported. The Philippines has also agreed to enter a mutual evaluation.

Duterte signed the law that places casino operations under the AMLA on mid-July, which requires that casino transactions worth at least US$100k have to be reported to the AMLC. If an activity gets reported, the court is forced to conduct a hearing in order to determine the freeze order, which cannot exceed a six month period, or the lift of the sanction. If the country gets blacklisted by the APG, it would be put under strict financial monitoring.