AMLC affirms commitment to AML/CFT measures

The Anti-Money Laundering Council of the Philippines has released a statement affirming the commitment of government agencies to enhance the country’s anti-money laundering and counter-terrorism financing (AML/CFT) measures, including addressing risks associated with casino junkets.

According to the update issued on Tuesday, this initiative is in line with the objectives set forth by President Ferdinand Marcos Jr. The announcement precedes the fifth plenary meeting of the Financial Action Task Force (FATF) in Paris, France, scheduled from Wednesday to Friday.

An announcement from FATF indicated that discussions during the meeting would include assessing the progress made by jurisdictions flagged for posing risks to the global financial system.

The Philippines remains on FATF’s “grey list” due to heightened scrutiny over financial crime risks, a designation it received in June 2021. In October, FATF urged the Philippines to swiftly implement its action plan to address identified strategic deficiencies in AML/CFT measures.

The recent update from the Anti-Money Laundering Council mentioned a meeting held on February 7 involving supervisors, regulators, prosecutors, and law enforcement agencies to discuss these efforts.

Through collaboration among the agencies, we are strengthening our resolve to address the remaining action plan items suggested by FATF and report the progress to the president

Matthew David, AMLC Secretariat Executive Director

The release highlighted increased compliance among designated non-financial businesses and professions, risk mitigation in casino junkets, and enhancements in beneficial ownership information management through collaborative efforts. Additionally, it noted improvements in implementing cross-border currency declaration measures and intensifying AML/CFT investigation and prosecution.

Furthermore, the private sector was encouraged to play its part by adhering to relevant laws and regulations.

FATF announced that representatives from over 200 member and observer organizations, including the International Monetary Fund, the United Nations, the World Bank, Interpol, and the Egmont Group of Financial Intelligence Units, were participating in FATF working group and plenary meetings in Paris during FATF Week.

It is good for the online and landbased gaming industry to see the commitment of the government to have measures in place for AML/CFT. This ensures that risks of financial crimes could be lessened or strictly investigated. Having the Philippines exit the grey list will open the way for more investments in the country as well.

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