The Philippines has figured again in the “grey list” of Paris-based Financial Action Task Force (FATF).
FATF has underscored the need for the country to implement an action plan to address strategic deficiencies in countering money laundering, terrorist financing, and proliferation financing.
The watchdog has placed the Philippines in the list of jurisdictions under increased monitoring due to strategic deficiencies.
According to the FATF the Philippines has taken steps to improve its anti-money laundering/combating the financing of terrorism (AML/CFT) regime by developing and implementing guidance on delisting and the unfreezing of assets for targeted financial sanctions.
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After figuring again in the FATF’s grey list on June 25, the Philippines has made progress in its high-level political commitment to work with the FATF and Asia-Pacific Group on Money Laundering to strengthen the effectiveness of the country’s AML/CFT regime.
The FATF said the Philippines should work to implement its action plan by demonstrating effective risk-based supervision of designated non-financial businesses and professions.\
The Philippines should also demonstrate that appropriate measures are taken with respect to the non-profit organization sector, said FATF.
It stressed the need for the Philippines to further enhance the effectiveness of the targeted financial sanctions framework for both terrorism financing and proliferation financing. (AW)
