The Financial Action Task Force (FATF) has retained the Philippines on its gray list for the third straight year as the country has yet to adequately address the gaps in its regime to counter money laundering as well as terrorist and proliferation financing.
Outgoing FATF president T. Raja Kumar said in a hybrid press conference after the conclusion of the three-day plenary held in Singapore that the Philippines and 20 other countries are in the gray list.MANILA, Philippines — The Financial Action Task Force has retained the Philippines on its gray list for the third straight year as the country has yet to adequately address the gaps in its regime to counter money laundering as well as terrorist and proliferation financing.
“The Philippines has actually taken action on 15 of the 18 action items that it needed to act on,” he said. The country made a high-level political commitment to work with the FATF and Asia Pacific Group on Money Laundering to strengthen the effectiveness of its AML/CFT regime after it was re-included in the gray list in June 2021.The country has demonstrated an increase in money laundering investigations and prosecutions in line with risk, has enforced beneficial ownership transparency obligations and has improved law enforcement access to those beneficial ownership data records.
The body had identified 18 deficiencies in the country’s measures against money laundering and terrorist and proliferation financing. The announcement of VP Sara that her father and brothers will run for the Senate next week is just the political family expressing its disgust with national politicians. Sige kayo…inapi ninyo si Sara sa Manila....
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