Philippines AML reforms FATF 2025: To improve the efficacy of its anti-money laundering (AML) and countering the funding of terrorism (CFT) policies, the Philippines has implemented eight “key reforms.”
According to a Friday report from the Financial Action Task Force (FATF), a watchdog located in France, the Philippines is on its “grey list” of nations that need more scrutiny for potential threats to their financial system.
According to the watchdog, one of these measures involved “proving that supervisors are using AML/CFT controls to mitigate risks associated with casino junkets.”
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One of the few nations in Asia-Pacific with both a licensed internet gambling business and a regulated casino industry accessible to residents is the Philippines.
The FATF update mentioned: “At its October 2024 plenary, the FATF made the initial determination that the Philippines has substantially completed its action plan and warrants an on-site assessment to verify that the implementation of AML/CFT reforms has begun and is being sustained, and that the necessary political commitment remains in place to sustain implementation in the future.”
In June 2021, the Philippines was placed on the grey list. According to a study by the International Monetary Fund, countries on the FATF grey list may “experience a disruption in capital flows.” Philippines AML reforms FATF 2025.
The nation’s Anti-Money Laundering Council (AMLC) announced the FATF’s upgrade in a statement on Friday.
The Philippines has “moved closer to exiting anti-money laundering watchlists by 2025,” according to the statement, which also stated that the FATF’s Asia/Pacific Joint Group will visit the nation early next year.
According to the council, the visit will “verify the sustainability of the AML/CTF reforms towards addressing the 18 action plan items as well as the high-level political commitment of the Philippine government to continue improving the Philippines’ AML/CTPF regime.”
The comment included: “This is the final step toward the country’s removal from the grey list.”
The council’s executive secretary, Lucas Bersamin, was quoted in the statement as saying that the FATF’s announcement on Friday was a “testament to the hard work and coordination across government agencies”.
He commented: “It reflects our strong commitment to meeting the FATF’s stringent standards and ensuring the long-term protection of our financial system. We are confident that this progress will be affirmed during the on-site visit.”
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