PH optimistic over exit from FATF 'grey list' by January 2025

The Philippines was optimistic over exiting the Financial Action Task Force’s  (FATF's) “grey list” - the list of countries under increased monitoring to improve anti-money laundering (AML) and countering the financing of terrorism  (CFT) measures - by January 2025.

Bangko Sentral ng Pilipinas Governor Eli Remolona Jr. said on Monday that the country had taken action to fulfill 15 of the 18 points needed to exit the list, with the remaining three points to be addressed by October.

“We still have three more action items to work on. Recently we’re making good progress, so I think by October we should be able to (address deficiencies),” said Remolona during the Economic Journalists Association of the Philippines-San Miguel Corp. (EJAP-SMC) Economic Forum in Manila  City.

“October they decide whether we have fulfilled the (action items), then between October and January, they check. January is the exiting,” he added, explaining that there would still be an exiting process from the list.

In a statement released on June 28, the  FATF continued to place the Philippines under its grey list, which indicates that the country is under increased monitoring. It also indicates a country’s commitment to resolve identified strategic deficiencies within agreed timeframes.

The FATF said that while the Philippines has taken steps to improve its AML and CFT regime, it still needs to continue working on implementing its  action plan to address three deficiencies:

• demonstrating that supervisors are using AML/CFT controls to mitigate risks associated with casino junkets
• applying cross-border measures to all main sea/airports including  detection of false declarations of currency and confiscation action in  line with risk
• demonstrating an increase in the prosecution of TF cases in line with risk

For its part, the Anti-Money Laundering Council (AMLC) said the National  Anti-Money Laundering, Counter-Terrorism Financing, and  Counter-Proliferation Financing Coordinating Committee (NACC), and all agencies concerned have been exhausting all measures to address the deficiencies.

This comes as President Ferdinand “Bongbong” Marcos Jr. in January directed concerned government agencies to address and resolve the Philippines’ greylisting. — DVM, GMA Integrated News