NATIONAL
Advocates Philippines
PBBM Wants PH Off Money Laundering 'Grey List' By 2024
Photo credit: PCO
In a move to combat money laundering and enhance the Philippines' standing on the global financial stage, President Ferdinand R. Marcos Jr. has directed the Anti-Money Laundering Council (AMLC) and other relevant government agencies to address the remaining strategic deficiencies identified by the Financial Action Task Force (FATF).
The aim is to remove the Philippines from the international money laundering 'grey list' by 2024.
During a sectoral meeting on Tuesday, the President reiterated his commitment to ensuring that the country does not serve as a hub for unlawful financial activities, as mandated by Executive Order No. 33 issued last year.
AMLC Executive Director Matthew David emphasized the government's high-level political commitment, stating, "The President reiterated the government’s high-level political commitment and directed all government agencies concerned to strictly address the remaining strategic deficiencies identified by the FATF in relation to the grey listing of the Philippines."
The FATF placed the Philippines on the grey list in June 2021, citing specific action plan items that needed resolution. Although significant progress has been made, eight action plans remain unaddressed, including effective risk-based supervision of Non-Financial Businesses and professionals (NFBPs), mitigation of risk associated with casino junkets, and streamlining access to beneficial ownership information.
David highlighted the urgency of expediting the removal process, cautioning against the potential consequences of prolonged grey listing. "The longer we are on the grey list, the bigger the possibility or the higher the risk that we will enter the black list," he warned.
The repercussions of being blacklisted by the FATF include possible countermeasures, which could impact international financial transactions of Filipinos abroad.
David explained that this might lead to increased costs for remittance services, more stringent requirements, and a higher risk of transaction denials or disapprovals.
The aim is to remove the Philippines from the international money laundering 'grey list' by 2024.
During a sectoral meeting on Tuesday, the President reiterated his commitment to ensuring that the country does not serve as a hub for unlawful financial activities, as mandated by Executive Order No. 33 issued last year.
AMLC Executive Director Matthew David emphasized the government's high-level political commitment, stating, "The President reiterated the government’s high-level political commitment and directed all government agencies concerned to strictly address the remaining strategic deficiencies identified by the FATF in relation to the grey listing of the Philippines."
The FATF placed the Philippines on the grey list in June 2021, citing specific action plan items that needed resolution. Although significant progress has been made, eight action plans remain unaddressed, including effective risk-based supervision of Non-Financial Businesses and professionals (NFBPs), mitigation of risk associated with casino junkets, and streamlining access to beneficial ownership information.
David highlighted the urgency of expediting the removal process, cautioning against the potential consequences of prolonged grey listing. "The longer we are on the grey list, the bigger the possibility or the higher the risk that we will enter the black list," he warned.
The repercussions of being blacklisted by the FATF include possible countermeasures, which could impact international financial transactions of Filipinos abroad.
David explained that this might lead to increased costs for remittance services, more stringent requirements, and a higher risk of transaction denials or disapprovals.
Jan 2, 2024
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