
DFNN’s Founder and Executive Chairman, Ramon Garcia Jr., expresses that the Philippines is exerting its utmost efforts to be removed from FATF’s gray list.
Speaking during a panel discussion on the Investment Outlook – Philippines versus Asia at the ASEAN Gaming Summit in Manila, Garcia underscores the potential for technology to eventually trace funds utilized for illicit purposes.
The Philippines finds itself on the gray list of FATF, primarily due to issues concerning junket operators, inadequate prosecution and investigation of money laundering and terrorist financing activities.
Despite the directive from the Philippine president for the Anti-Money Laundering Council (AMLC) and relevant agencies to implement measures for delisting by October of this year, the recent review maintained the country’s position on the list.
In June 2021, FATF, headquartered in Paris, reinstated the Philippines on the gray list post a mutual evaluation conducted by the Asia Pacific Group on Money Laundering, citing 18 deficiencies in the nation’s anti-money laundering, terrorist financing, and proliferation financing efforts. As of January this year, eight of these deficiencies remain unresolved.
Garcia approaches this situation with a degree of skepticism, noting that some Western assessments may not necessarily be accurate, citing instances of oversight in the supervision of the Philippines’ stock markets.
Regarding the investment landscape in the Philippines, Garcia asserts its attractiveness as a destination for investment. In particular, he highlights the rapid growth of the online gaming sector fueled by the country’s expanding Internet infrastructure, making it one of the most promising markets in this domain.