The Anti-Money Laundering Council (AMLC) of the Philippines released a statement affirming that government agencies remain committed to strengthening the country’s anti-money laundering and counter-terrorism financing (AML/CFT) measures. These efforts include directly addressing risks linked to casino junkets.
The council issued the update on Tuesday and aligned the initiative with the goals outlined by President Ferdinand Marcos Jr. The statement came ahead of the fifth plenary meeting of the Financial Action Task Force (FATF), which will take place in Paris, France, from Wednesday to Friday.
FATF announced that it will assess the progress made by jurisdictions flagged for posing threats to the global financial system during the upcoming meeting.
FATF placed the Philippines on its “grey list” in June 2021 due to increased scrutiny over financial crime risks. In October, FATF urged the Philippines to accelerate its implementation of the action plan designed to address strategic AML/CFT deficiencies.
In its recent update, the AMLC reported that it convened supervisors, regulators, prosecutors, and law enforcement agencies on February 7 to coordinate efforts and improve compliance with global standards.
