Upcoming assessment on the Philippines and Bangladesh

FAFT is a Paris-based international body created to combat money laundering and terrorist financing.
FAFT is a Paris-based international body created to combat money laundering and terrorist financing.

The Financial Action Task Force has its eyes fixed on the Philippines after the Bangladeshi stolen funds probe revealed US$ 81 million found its way to the Asian’s country banking system.

The Philippines.- The Financial Action Task Force (FATF)  will have its next assessment on the Philippines and Bangladesh to determine if the two countries have effectively implemented anti-money laundering measures, particularly after the US$81 million money laundering accusations.

Alexandra Wijmenga-Daniel, FATF communications management advisor, said Regional Body Asia Pacific Group (APG,) of which the Philippines and Bangladesh are members, has yet to schedule the dates for the next assessment. The APG ensures the adoption, implementation and enforcement of internationally accepted anti-money laundering and counter-terrorist financing standards as set out in the FATF.

“However, each assessment will look for evidence to demonstrate how effectively the country has used its Anti-Money Laundering/Counter Terrorist Financing (AML/CTF) measures to prevent, detect and prosecute cases of money laundering and terrorist financing,” expressed Daniel.

Furthermore, as per its latest Anti-Money Laundering and Counter Terrorist Financing manual, FAFT wants casinos around the globe to set a US$3,000 threshold for players, who should be identified and whose identity should be verified after they reached this amount. The body also continues to push for the inclusion of the casino sector in the coverage of the Philippines’ Anti-Money Laundering Law.

The state-owned gaming regulator said they are willing to consider the inclusion of casinos in the coverage of the law. “We are very open to be part of AMLA (Anti-Money Laundering Act of 2001.) We have already told Congress that we are willing to be covered by AMLA,” said Cristino Naguiat, Pagcor chairman.