The Philippines hopes to exit the FATF gray list by the end of the year


Filipinos Bullish on exit FATF Gray List this year. To this end, the country’s president said, Ferdinand R. Marcus Jr It asked all government agencies to fix regulatory deficiencies identified by the Financial Action Task Force.

According to reports, Marcos’ directives were communicated to the agencies during a recent meeting. During that meeting, the President highlighted the economic importance of exiting the gray list. For reference, the Philippines originally had to convince the FATF that it should be removed from the gray list by January 2023. However, this period was extended by 12 months, providing the country more time to address its deficiencies.

Matthew DavidExecutive Director of Anti-Money Laundering Council The AMLC Secretariat commented on the matter, saying that the President “reiterated the government’s commitment” to addressing the deficiencies identified by the FATF.

David stressed that the country hopes to address all the points raised by the task force in 2024 and activate the country’s exit from the gray list by the end of the year. According to him, 10 of 18 shortcomings identified by the Financial Action Task Force (FATF) have already been addressed. The remaining eight are currently under treatment or have not yet been processed.

David acknowledged that the Philippines still needs to adequately address terrorist financing.

The Philippines is optimistic about its exit

While there is still a lot of work to be done, David said the Philippine government believes it is on the right track. According to him, the President is very satisfied with the work of AMLC.

David said in his interview with the Philippine News Agency:

Our goal is to eventually get off the gray list. There are repercussions to being on the gray list, because the longer we remain on the gray list, the more likely or more dangerous it is that we will be blacklisted.

Matthew David, Executive Director, AMLC Secretariat

In October, the Philippine government published Memorandum Circular No. 37, in which it ordered 44 government agencies to work to address the 18 shortcomings identified in the FATF report. Consequently, a number of authorities, including PAGCOR, were asked to intensify their anti-money laundering efforts.

In line with its efforts to strengthen its regulations, the Philippines has also joined forces with China to crack down on illegal maritime operators in the country. This came in the wake of joint action between the two countries that led to the return of 400 Chinese citizens.

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