Paris-based Financial Action Task Force has retained the Philippines in the gray list or jurisdictions under increased monitoring as the deadline for addressing the gaps in the country’s regime to counter money laundering as well as terrorist and proliferation financing nears.
During the three-day plenary session, led by FATF president T. Raja Kumar in Singapore, the global dirty money watchdog said the Philippines has been retained in the gray list after missing the January 2023 deadline as the country has yet to address five out of the 18 deficiencies in anti-money laundering/combating the financing of terrorism controls.
Furthermore, the FATF also instructed the Philippines to demonstrate an increase in money laundering investigations and prosecutions in line with risk as well as an increase in the identification, investigation and prosecution of terrorism financing cases. Aside from the Philippines, there are 22 other countries in the gray list. Four countries including Albania, Cayman Islands, Jordan and Panama are no longer subject to increased monitoring by the FATF.
Shanaka Jayanath Peiris, mission chief of the 2023 IMF Article IV consultation team, said the multilateral lender sees the need for the Philippines to ramp up initiatives to strengthen its AML/CFT framework.
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