OFWs may find it harder to send remittance if PH falls into FATF blacklist
INQUIRER.net FILE PHOTO
MANILA, Philippines — Overseas Filipino Workers (OFW) may soon face higher difficulties in remitting money should the Philippines fall into the Financial Action Task Force’s (FATF) blacklist.
Executive Director Matthew David, of the Anti-Money Laundering Council (AMLC), on Tuesday said that the government is doing what it can to remove the Philippines from the grey list, which indicated that the country must step up efforts to combat money laundering and terror financing.
“We don’t want to be in the blacklisted jurisdiction. And if we will be in the blacklisted list, there are repercussions for that, and one of the repercussions is the effect on the transactions of our OFWs. Our OFWs usually send remittances here to their families here in the Philippines. If we will be blacklisted, we are not yet blacklisted, we are still greylisted right now, the FATF will impose countermeasures on the Philippines and international financial transactions of Filipinos abroad,” said David in a Palace briefing.
READ: PH on list of nations that must step up drive vs money laundering, terror financing
David cited some of these countermeasures as higher remittance fees, more stringent requirements, or the downright disapproval of transactions.
Some countries included in the FATF’s blacklist are Iran, Myanmar, and North Korea.
READ: Marcos orders adoption of new anti-money laundering strategy in all gov’t departments, agencies
According to David, the FATF initially gave a deadline of January 2023, but it has yet to change the Philippines’ listing. David said that the government’s self-imposed deadline is January 2024.
The Philippines landed on the FATF’s grey list in 2021 after the international agency’s evaluation of the country’s measures against money laundering.
