The Philippines’ Anti-Money Laundering Counsel (AMLC) says it’s working to bolster its anti-money laundering (AML) and counter-terrorism financing (CTF) protocols in an effort to be removed from the “grey list” of at-risk jurisdictions of the Financial Action Task Force (FATF).
As reported by Inside Asian Gaming, in October the Paris-based FATF reiterated its order that Philippine lawmakers address deficiencies in their AML controls, including those related to casino junkets. Last January, the financial watchdog gave the country until January 2024 to make good on those improvements.
In a response issued late last month, the AMLC reaffirmed its “steadfast commitment to bolstering the effectiveness of its AML, CTF and counter-proliferation financing regime.
“Since June 2021, guided by high-level political commitment, the Philippines has actively collaborated with the FATF and the Asia/Pacific Group on Money Laundering (APG) to enhance the country’s AML/CTF measures,” the council said.
“Executive Order No. 33, Series of 2023, and Memorandum Circular No. 37, issued by President Ferdinand R. Marcos Jr., underscore this unwavering commitment and set the strategic direction for the country’s initiatives.”
Among other measures, the council has promised to better manage risks associated with junkets, beef up money laundering investigations and prosecutions, and focus on the identification, investigation and prosecution of terrorism financing cases.
“It is crucial to highlight that the nation’s pertinent agencies remain dedicated to swiftly and effectively implementing the outstanding action plans,” the AMLC said, adding that it has “has made leaps in becoming a strong international partner” in such investigations. The body also called on the private sector to “continue contributing towards efforts to exit the grey list.”
“The Philippines values the guidance and recommendations from international bodies like the FATF and remains committed to continuous improvement and collaboration,” it said.
“By working hand in hand with our international partners and leveraging the collective strength of our national agencies, the Philippines continues its momentum in addressing its strategic deficiencies and further ensure the resilience and integrity of its financial landscape.”
