Metro Manila (CNN Philippines, October 18) — President Ferdinand Marcos Jr. ordered the immediate implementation of the national strategy covering 2023-2027 in a bid to remove the Philippines from the grey list of the global money laundering and terrorist financing watchdog Financial Action Task Force (FATF).
The memorandum circular released Wednesday stated that the National Anti-Money Laundering, Counter-Terrorism Financing and Counter-Proliferation Financing Strategy (NACS) 2023-2027 would \”intensify and expedite efforts to address deficiencies identified by the FATF ICRG (International Co-operation Review Group).\”
For years, the Philippines was out of the grey list of the Paris-based watchdog. However, the FATF placed the country again under the list in 2021.
The grey list groups countries under increased monitoring and which have committed to resolve within an agreed timeframe their specific deficiencies in addressing money laundering.
Through the memo, signed by Executive Secretary Lucas Bersamin, the government seeks to exit the list as the Philippines has only until January next year to meet the remaining eight out of the 18 ICRG action plans.
In June this year, the FATF said the country has yet to address the following:
– Demonstrate effective risk-based supervision of designated nonfinancial businesses and professions
– Demonstrate that supervisors use anti-money laundering and counter financing of terrorism (AML/CFT) controls to mitigate risks associated with casino junkets
– Enhance and streamline the access of law enforcement agencies to accurate and up-to-date information regarding beneficial ownership
– Increase investigations and prosecutions related to money laundering cases
\”Under international standards on combating ML/TF, countries are required to identify, assess and understand the money laundering and terrorism financing risk for the country, and are mandated, based on said assessment, to apply a risk-based approach to ensure that measures to prevent or mitigate ML/TF are commensurate with the risks identified,\” the memo said.
The order directed all heads of concerned agencies \”to conduct an immediate review and assessment of the respective deliverables,\” which should be completed by the end of November.
They are also tasked to \”establish a mechanism for monitoring of progress and reporting of completion of each deliverable.\”
READ: Marcos wants PH out of money launder grey list through new national plan
