President Marcos wants PH out of FATF Gray List

The President of the Philippines, Ferdinand R. Marcos Jr., has instructed government agencies in the country to promptly address deficiencies related to anti-money laundering and terrorist financing. The goal is to remove the Philippines from the Financial Action Task Force (FATF) ‘grey list’ within the current year.

After a sectoral meeting at Malacañan Palace in Manila on Tuesday, a government spokesperson mentioned that Marcos aims to initiate the process of exiting the FATF ‘grey listing’ by the end of 2024. The country has successfully addressed 10 out of the 18 deficiencies identified by the FATF. However, areas requiring further attention include managing risks associated with casino junkets and enhancing oversight of “designated non-banking and business professionals,” encompassing casinos.

We’ve directed the AMLC to accelerate action plans to combat money laundering and counterterrorist financing, and to file cases against violators. We’re committed to safeguarding our OFWs by making their transactions safer, reducing costs and easing regulatory burdens to support them

President Marcos

The government representative explained that progress has been made on some of the eight remaining deficiencies, with one still not adequately addressed. Matthew David, the Executive Director of the Anti-Money Laundering Council Secretariat, conveyed confidence in the country’s progress, stating that everyone believes they are on the right track. The President commended the efforts of various government agencies and directed them to sustain effective coordination, particularly between law enforcement and other government entities.

David emphasized the country’s commitment to a “self-imposed deadline” of January of the current year to exit the FATF ‘grey list.’ He highlighted the urgency, noting that prolonged inclusion in the ‘grey list’ increases the risk of moving to the ‘black list.’

The official further explained that being blacklisted would significantly impact remittances from overseas Filipino workers, leading to increased costs, more stringent requirements, or even denial of transactions. The goal is to avoid such consequences and ensure the smooth flow of remittances to the country.

If the Philippines can exit the FATF Gray List, it will give a boost in the image and reputation of the Philippines and will be good for the online gaming industry as well because we can be assured that proper financial steps are being implemented and followed. This will also give players and operators for online gaming more confidence in the gaming industry.

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