PHILIPPINES MOVES CLOSER TO FATF GREYLIST EXIT

The Philippines this week moved closer to exiting anti-money laundering watchlists by 2025, paving the way for Filipinos, especially Overseas Filipino Workers, to benefit from faster and cheaper remittances and other transactions.

In a statement, the Financial Action Task Force (FATF), the global anti-money laundering watchdog, said the Philippines had addressed the 18 action plan items that had kept the country in the watchdog group’s “grey list” since June 2021.

“The Philippines has made the following key reforms including: (1) demonstrating that risk-based supervision of DNFBPs is occurring; (2) demonstrating that supervisors are using AML/CFT controls to mitigate risks associated with casino junkets; (3) implementing the new registration requirements for MVTS and applying sanctions to unregistered and illegal remittance operators; (4) enhancing and streamlining LEA access to BO information and taking steps to ensure that BO information is accurate and up-to-date; (5) demonstrating an increase in the use of financial intelligence and an increase in ML investigations and prosecutions in line with risk; (6) demonstrating an increase in the identification, investigation and prosecution of TF cases; (7) demonstrating that appropriate measures are taken with respect to the NPO sector (including unregistered NPOs) without disrupting legitimate NPO activity; and (8) enhancing the effectiveness of the targeted financial sanctions framework for both TF and PF,” FATF said in its 25 October 2024 statement. Read More

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