SEC: Phl nears exit from dirty money list

The Philippines is inching closer to exiting the Financial Action Task Force (FATF) gray list after making significant progress in addressing the remaining issues in its anti-money laundering and combating the financing of terrorism (AML/CFT) controls, according to the Securities and Exchange Commission (SEC).

- RICHMOND MERCURIO

SEC chairperson Emilio Aquino attended the FATF plenary meeting in Singapore last week.

The SEC, which is part of the Anti-Money Laundering Council, said the global dirty money watchdog acknowledged during the meeting the substantial progress made by the Philippines.

These include demonstrating an increase in money laundering investigations and prosecutions, enforcing beneficial ownership transparency obligations and ensuring law enforcement access to beneficial ownership data records as well as implementing risk-based supervision of designated non-financial businesses and professions.

The SEC said one of the key contributors to these significant milestones has been the commission.