Concerned gov’t agencies ordered to get PH out of FATF grey list
President Ferdinand “Bongbong” Marcos Jr. (FILE PHOT /PCO)
MANILA, Philippines — President Ferdinand “Bongbong” R. Marcos Jr. on Tuesday doubled down on his orders for all government agencies to address the remaining deficiencies in the country’s anti-money laundering and counter terror financing measures.
The Philippines remains on the international watchdog Financial Action Task Force’s (FATF) grey list, an indication that the country needs to improve its anti-money laundering and combating terrorism financing systems.
“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,” Anti-Money Laundering Council (AMLC) Executive Director Matthew David said in a Palace briefing.
The Philippines still has eight deficiencies it needs to address before leaving the grey list, which include mitigating risks involving casinos and increasing money laundering and terrorism financing investigations and prosecutions.
While the Philippines is already well past the January 2023 deadline prescribed by the FATF, David said that the Philippines aims to leave the list by 2024.
Malacañang issued Memorandum Circular No 37, which urged the urgent implementation of the National Anti-Money Laundering, Counter-Terrorism Financing, and Counter Proliferation Financing Strategy.
