It is unlikely that the Philippines will emerge from the so-called “gray list” of the Paris-based Financial Action Task Force (FATF) by October, but it may be able to achieve such a move by January next year.
It follows comments made on Monday by Eli Lemolona, the head of the Philippine Central Bank, who also serves as the head of the Philippine Anti-Money Laundering Commission (AMLC).
FATF added the Philippines to its gray list in June 2021 after the country identified 18 shortcomings in its anti-money laundering (AML), anti-terrorism (CFT) and anti-spread financing (PF) work related to chemical, nuclear and biological weapons.
What the Philippines needed to address included “demonstrating that supervisors are using AML/CFT controls to mitigate risks related to casino junkets.”
Remolona said the government was stepping up surveillance of casino junkets, and the Philippine Entertainment Gaming Company, the country’s casino regulator, was working to address the issue.
“We’ve made very big progress… We have officially implemented 15 of the 18 [concerned items],” he said in remarks on Monday quoted by Business World Online.
“In October, they [FATF] will decide whether we have implemented 18 action plans. Then, between October and January, they check. January is the end date,” he added, as quoted by the Philippine Star.
According to a February update from the Anti-Money Laundering Commission, President Ferdinand Marcos instructed all relevant government agencies to complete “each and every outcome for the country to get off the gray list” within this year.
These items were reflected in the government’s anti-money laundering, anti-terrorism financing and anti-spread financing strategy 2023-2027, the commission said.
The jurisdiction of the FATF Gray List may be subject to increased monitoring by the FATF. According to a research report by the International Monetary Fund, venues following such measures may “experience disruptions in capital flows.”
FATF said in an update on June 28 after a full meeting that it would include the Philippines on its watch list for the time being.
The FATF has asked the country to resolve outstanding issues “as soon as all deadlines expire in January 2023.
In May, BusinessWorld Online cited data from Moody’s Analytics, saying the Philippines was among the top five most active countries in money laundering in Southeast Asia from 2018 to 2023.
“The number of money laundering incidents added in the Philippines increased by 45% from 2022 to 2023,” the outlet reported, citing the Moody’s Analytics database.
BY: 홀짜게임