On Friday, the Monetary Motion Activity Pressure (FATF), a worldwide monetary watchdog, confirmed that the Philippines stays on its “gray listing” of jurisdictions beneath heightened scrutiny. Regardless of this, the FATF acknowledged vital strides made by the Philippines in enhancing its anti-money laundering and counter-terrorism financing (AML/CFT) framework.

Latest developments and updates:

Following the FATF’s sixth Plenary, held in Singapore beneath the Presidency of T. Raja Kumar, the group introduced modifications to its listing, eradicating Jamaica and Türkiye from the “gray listing.” Nonetheless, the Philippines is among the many 21 jurisdictions that proceed to be intently monitored.

The FATF famous that the Philippines has proven enhancements, significantly in rising investigations and prosecutions associated to cash laundering, in accordance with recognized dangers. The nation has additionally strengthened enforcement of useful possession transparency necessities and facilitated regulation enforcement entry to related knowledge data. Furthermore, risk-based supervision of designated non-financial companies and professions (DNFBPs) has been actively applied.

In line with Inside Asian Gaming, regardless of these developments, the FATF outlined strategic deficiencies that require additional consideration from the Philippines:

– Guaranteeing AML/CFT controls successfully mitigate dangers related to on line casino junkets.

– Strengthening cross-border measures at main seas and airports to detect false forex declarations and implement confiscation actions based mostly on threat assessments.

– Growing prosecutions associated to terrorism financing in alignment with recognized dangers.

Urgency in implementation:

The FATF careworn the significance of the Philippines swiftly executing its motion plan to handle these deficiencies, emphasizing that deadlines for these measures expired in January 2023.

In response to the FATF’s necessities, the Philippine authorities, led by President Ferdinand Marcos Jr., has dedicated to fulfilling all obligations to be faraway from the gray listing by the top of 2024. This dedication is underscored by a Memorandum Round directing 44 authorities companies, together with the Philippine Amusement and Gaming Company (PAGCOR), to assessment and fulfill crucial necessities.

Alejandro Tengco, Chairman and CEO of PAGCOR, disclosed throughout G2E Asia that Atty. Wilma Eisma has been appointed to supervise efforts to expedite the elimination of the Philippines from the FATF gray listing. This initiative underscores the federal government’s proactive stance in addressing regulatory challenges.

As FATF stories, vital strides have been made since June 2021, when the Philippines pledged to boost cooperation with the FATF and Asia/Pacific Group on Cash Laundering (APG). The continued collaboration goals to strengthen the effectiveness of the Philippines’ AML/CFT regime, making certain sturdy measures are in place to fight monetary crimes successfully.

Whereas the Philippines has made notable progress in enhancing its AML/CFT framework, the nation stays beneath FATF scrutiny on account of recognized strategic deficiencies. With a agency dedication from its authorities and ongoing regulatory efforts, the Philippines is poised to attain compliance and exit the gray listing by addressing key areas outlined by the FATF.