Bilyonaryo - Business

PH remains on FATF’s gray list, told to immediately address deficiencies

February 25, 2023

Bilyonaryo.com

By Eileen Mencias

The Philippines remains on the Financial Action Task Force’s grey list of countries or jurisdictions that are subject to increased monitoring and terrorist financing watchdog.

According to the FATF, the Philippines failed to meet the January 2023 deadline to meet the standards accepted globally to combat international money laundering and terror financing.

FATF president T. Raja Kumar has asked the Philippines to immediately address the remaining counter-terrorist financing-related deficiencies

“The FATF notes the Philippines’ continued progress across its action plan, however all deadlines have now expired and work remains,” the FATF said.

Kumar said the Philippines, which has been on the gray list since June 2021, needs to “ensure regulation and supervision of high-risk sectors is actually working.”

Among the things the Philippines must do are: 1. Demonstrate effective risk-based supervision of designated non-financial businesses and professions; 2. Demonstrate that anti-money laundering and combatting financing of terrorism controls are used to mitigate risks in casinos; 3. Enhance and streamline how law enforcement agencies access information on beneficial ownership and ensure that the information is accurate and up-to-date; 4. Demonstrate an increase in the use of financial intelligence and an increase in money laundering investigations and prosecutions in line with risk; 5. Demonstrate an increase in the identification, investigation, and prosecution of terrorist financing cases; and 6. enhance the effectiveness of the targeted financial sanctions framework for terrorist financing by demonstrating that nonfinancial businesses and professions understand their obligations.

Related News Tags: Financial Action Task Force, financing, Philippines, terrorist financing

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