The Anti-Money Laundering Council (AMLC) of the Philippines has announced that the government is reiterating its strong commitment to enhancing the effectiveness of the nation’s anti-money laundering (AML) measures and countering the financing of terrorism (CFT).
According to a statement released on Friday by the AMLC, key government agencies are actively supporting these directives, including the implementation of AML/CFT controls specifically addressing risks associated with casino junkets.
In October, the Financial Action Task Force (FATF) urged the Philippines to promptly execute its action plan aimed at rectifying existing strategic deficiencies in AML and CFT. The country remains on the FATF’s grey list, subject to increased monitoring for financial crime risk since its inclusion in June 2021.
While recognizing the Philippines’ progress in enhancing its AML/CFT regime since June 2021, the latest FATF report identified areas where further efforts are required to address strategic deficiencies.
One key recommendation reiterated by the FATF is for the Philippines to demonstrate the effective utilization of AML and CFT controls to mitigate risks associated with casino junkets.
The governor of the Philippine central bank previously stated in January that the country had received a one-year extension, until January 2024, to meet the financial standards necessary for removal from the FATF’s risk list.
Despite the lapse of the January 2023 deadlines agreed with the FATF, the AMLC emphasized in its Friday statement that relevant agencies in the country remain dedicated to promptly and effectively implementing outstanding action plans. The commitment of these agencies extends beyond timelines, with a focus on establishing a robust and compliant AML/CFT framework in the Philippines.
The AMLC also called upon the private sector in the country to continue contributing to ongoing efforts aimed at exiting the FATF’s grey list.