The Philippines has been removed from the international ‘grey list’ of jurisdictions placed under enhanced watch for strategic deficiencies in efforts to combat money laundering, terrorist financing and proliferation financing.
The international anti-money laundering body, the Financial Action Task Force (FATF), which compiles the list, confirmed at a meeting in Paris that the Philippines is no longer under enhanced watch.
The country has made positive progress in addressing the strategic deficiencies in anti-money laundering (AAML), countering terrorist financing (CTF) and countering proliferation financing (CPF) previously identified in their mutual evaluations.
“The Philippines has completed their Action Plan to resolve the identified strategic deficiencies within agreed timeframes and will no longer be subject to the FATF’s increased monitoring process,” the agency said.
Philippines has demonstrated that it has effective risk-based supervision of DNFBPs (designated non-financial businesses and professions), that supervisors use AML/CFT controls to mitigate the risks associated with casino gambling, that it enhances the use of financial intelligence and risk-based money laundering investigations and prosecutions, and more.
“The FATF encourages the Philippines to continue its work in ensuring that its CFT measures are appropriately applied, particularly the identification and prosecution of terrorism financing cases, and are neither discouraging nor disrupting legitimate NPO activity.”
The Philippines was the only nation to be removed from the grey list on Friday, with 25 nations still under increased monitoring, including Vietnam and Nepal.
Exiting the grey list is seen as a key driver of economic activity by making it easier for individuals and corporations to conduct cross-border transactions.
In a statement, Alejandro Tengco, the Chairman and CEO of Philippine gaming regulator PAGCOR, said, “We are honored to have played a crucial part in this development, and the public can rest assured that PAGCOR will continue to ensure that all our licensees are compliant with all anti-money laundering rules and regulations.
“We also commit to sustain the fight against money laundering and terrorist financing in the entire Philippine gaming industry, including our online gaming operators, land-based casinos and junket operators.”
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