Marcos seeks to remove PH from FATF gray list within 2024

Katrina Domingo, ABS-CBN News

MANILA — President Ferdinand Marcos Jr. on Tuesday ordered agencies to immediately resolve several issues flagged by the Financial Action Task Force (FATF) by January 2024, a year after the initial deadline imposed by the intergovernmental organization.The country was placed in the FATF’s gray list in June 2021 after the foreign body “found that we have strategic deficiencies” in terms of the entry and exit of suspected illegal funds, said Matthew David, executive director of the Anti-Money Laundering Council (AMLC).<ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/news/06/28/21/philippines-money-laundering-watch-list-fatf">Philippines among countries on money laundering watch list</a></li></ul>“The deadline given was January 2023. It was last year already. It was not extended,“ he said.“The aim of the government is to exit the gray list by January 2024,” he said.David’s pronouncement comes shortly after Marcos summoned concerned government agencies to Malacañang.<ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/07/06/23/marcos-signs-new-anti-money-laundering-strategy">Marcos signs new anti-money laundering strategy</a></li></ul>Among the 8 items that still need to be addressed are:- Need to increase the registration of designated non-financial business and profession (DNFBP) such as lawyers, accountants, jewelry shops, casinos - Further controls to mitigate risks within casino junket - Enhancing and streamlining of access to beneficial ownership and information - Demonstrating increase in money laundering investigations and prosecutions in line with the risk of the Philippines“We should increase our money laundering investigation as well as terror financing as well as prosecution,” David said.“We should demonstrate that cross border measures were applied in all seaports and airports including false declaration of confiscation and action,” he said.If the Philippines fails to address these issues, the country risks of being on the FATF’s blacklist alongside nations like North Korea, Iran and Myanmar.“If we will be blacklisted, the FATF will impose counter measures on the Philippines and on international transactions of Filipinos abroad,” David said.“One of the repercusions is yung mga OFW maapektuhan ang mga transaction nila,” he said, noting that costs of sending money to the Philippines may increase or may be disapproved.The Philippines’ credit rating may also be affected, the AMLC official said.“There’s already a reputational risk on the Philippines, particularly on the economy. It may affect our credit rating,” he said.“The World Bank and the International Monetary Fund (IMF) is also looking into the status of the Philippines in the gray list,” he said.“If you don’t exit the gray list, they may think that our AML law is not adequate enough or strong enough,” he said.The International Monetary Fund (IMF) earlier noted that the Philippines is “improving” in its bid to exit the FATF’s gray list.“The Philippines has successfully demonstrated progress on several action items,” it said.Among the issues the country has resolved include the following: - Registration requirements and application of sanctions to unregistered and illegal remittance operators - Prioritization of asset tracing and confiscation at the point of conviction in criminal cases in line with the Philippines’ risk profile - Provision and publication of guidance for the de-listing, unfreezing procedures related to proliferation financing of weapons of mass destruction“While some progress has been made, more work needs to be done to leave the gray list,” the IMF’s report read.The AMLC, the Philippine Amusement and Gaming Corporation, the Anti-Terror Council, and the Bureau of Customs are among government agencies expected to work double time.<figure class="op-interactive"><iframe height="315" src="https://www.youtube.com/embed/rGB9AffOMQo?enablejsapi=1" width="560"></iframe></figure><div class="iwantbar">Watch more News on <a href="https://www.iwanttfc.com/#!/browse/Genres/News/tag_id_genres/id_news" target="_blank">iWantTFC</a></div>

President Ferdinand Marcos Jr. ordered agencies to immediately resolve several issues flagged by the Financial Action Task Force by January 2024.

Marcos seeks to remove PH from FATF gray list within 2024 | ABS-CBN

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Marcos seeks to remove PH from FATF gray list within 2024

Marcos seeks to remove PH from FATF gray list within 2024

Katrina Domingo,

ABS-CBN News

Published Jan 02, 2024 01:30 PM PHT

Read More:

AMLA

Anti-Money Laundering Council

bongbong marcos

marcos

fatf

money laundering

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