PH still on FATF money laundering 'gray list'

PH still on FATF money laundering ‘gray list’

The Philippines has yet to exit the “gray list” of Paris-based watchdog Financial Action Task Force (FATF), which urged the country to “swiftly” plug the remaining holes in its defenses against money laundering.

Being on the gray list means the Philippines is still under “increased monitoring,” particularly its progress in resolving within agreed timeframes some strategic deficiencies in its defenses against dirty money and terrorism financing, FATF said in a statement on Saturday.

The decision marked a critical juncture for President Ferdinand Marcos Jr.’s bid to have the Philippines removed from the gray list by October 2024.


READ: FATF’s ‘gray list’


The FATF plenary meets in February, June and October every year.

FATF explained the Philippines failed because it has yet to demonstrate an “effective riskbased supervision” of nonfinancial sectors and professions deemed vulnerable to financial crimes.

Examples of these susceptible entities—also known as Designated Non-Financial Businesses and Professions—include casinos, lawyers, accountants, real estate agents, among others.

The FATF added that the Philippines still needs to show that regulators were using credible antimoney laundering and combating the financing of terrorism controls against risks
from casino junkets.

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TAGS: FATF, Finance, task force

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