Phl remains on FATF gray list

The Philippines failed anew to exit the gray list or list of jurisdictions under increased monitoring after falling short in addressing the remaining concerns on its anti-money laundering and counter-terrorist financing (AML/CFT) regime, according to global dirty money watchdog Financial Action Task Force (FATF).

- LAWRENCE AGCAOILI

Outgoing FATF president T. Raja Kumar said in a hybrid press conference after the conclusion of the two-day plenary held in Paris that the Philippines and 24 other countries are in the gray list.

While taking steps toward improving its AML/CFT regime, Kumar said the Philippines, which entered the gray list in June 2021, has yet to address remaining strategic deficiencies.

"Encouragingly, the Philippines has made some positive progress, which has been acknowledged, but work remains. I urge the Philippines to complete this action plan," Kumar said in reply to the question posted by The STAR.

The FATF president cited two strategic deficiencies that the Philippines needs to address immediately.

Kumar said there is a need to implement controls to mitigate anti-money laundering and terrorist financing risk that are linked to junket operations in relations to casinos.

He also cited the need to increase investigations and prosecutions of money laundering and terrorist financing cases that are in line with the Philippines' risks and context.