THE BANGKO SENTRAL ng Pilipinas hopes the country can exit the Financial Action Task Force’s “gray list” of jurisdictions under increased monitoring for “dirty money” risks within the next 12 months after failing to meet its original January 2023 goal.
THE BANGKO SENTRAL ng Pilipinas
The BSP chief said the country should show progress in enforcing laws to address money laundering and terrorist“The problem is enforcement, not legislation. Of course, the usual problem is identifying the real beneficiaries, but that’s no longer a major issue. The major issue is there are not a lot of persecutions and convictions,” Mr. Medalla said in a mix of English and Tagalog.
Mr. Medalla said most of the legislation part of the FATF’s action plan items for the Philippines have been addressed, as only amendments to the country’s deposit secrecy law have yet to be passed. Based on the FATF’s latest assessment, the Philippines needs to show it is implementing effective risk-based supervision of designated nonfinancial businesses and professions. These include jewelry dealers, real estate brokers and developers and service providers for financial businesses.
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