PH makes progress in fight vs money laundering

PH makes progress in fight vs money laundering

The Philippines has made significant progress in strengthening measures to combat money laundering and terrorist financing.

The Asia Pacific Group of the Financial Action Task Force has given the Philippines better ratings following a request for a rerating.

The request for a rerating comes after the Philippines was put in the FATF’s grey list, which suggested deficiencies in tackling money laundering.

Money laundering concerns and the inclusion in the FATF’s grey list could raise the costs of remitting money home for overseas Filipino workers and could also prompt potential investors to avoid investing in the country.

According to the APG, the Philippines has updated its anti money laundering law that now allows for the implementation of targeted financial sanctions related to the proliferation of weapons of mass destruction and its financing.

“Amended legal and regulatory measures, mechanisms and process comprehensively address most of the shortcomings in the Philippines’ ability to implement targeted financial sanctions relating to weapons of mass destruction and its financing,” the APG said.

The APG said the Philippines is now largely compliant to five recommendations when it was only partially compliant in 2019.

Of the 40 FATF recommendations, the Philippines still needs to improve on at least five where it is still deemed to be just partially compliant.

These include new technology, transparency and beneficial ownership of legal arrangements, regulation and supervision of casinos. By Eileen Mencias

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