The Anti-Money Laundering Council (AMLC) expresses optimism about the Philippines exiting the Financial Action Task Force’s (FATF) “gray list” by January, contingent upon collaboration between government agencies and the private sector.
The AMLC acknowledges that the final decision rests with assessors from the FATF’s International Co-operation Review Group (ICRG), emphasizing the importance of addressing strategic deficiencies to secure the country’s removal from increased monitoring for “dirty money” risks.
The Philippines has been on the FATF’s gray list since June 2021 and has committed to complying with 18 action plan items. The AMLC highlights the necessity of the whole-of-nation approach and cooperation to resolve remaining strategic deficiencies.
In response to the FATF’s October 2023 statement, the AMLC recognizes the areas where the Philippines needs to enhance anti-money laundering and counter-terrorism financing (AML/CTF) measures, considering it an opportunity to fortify the integrity and stability of the country’s financial system.
The implementation of Executive Order No. 33 demonstrates the Philippines’ proactive stance, adopting the National Anti-Money Laundering, Counter-Terrorism Financing, and Counter-Proliferation Financing Strategy 2023-2027 (NACS) to align with the ICRG action plan.
Government agencies, supervised by the AMLC, are actively working to address AML deficiencies, with President Ferdinand R. Marcos, Jr. directing compliance measures until November 30 and mandating the AMLC to submit a comprehensive NACS implementation report by December 8.
The private sector’s significant role is emphasized, particularly the need for increased registration with the AMLC of lawyers, accountants, company service providers, dealers in precious metals and stones, and real estate brokers and developers.
AMLC underscores the implementation of a robust registration campaign and calls for corporations to comply with SEC directives for accurate and up-to-date beneficial ownership information. Currently, 22 other countries share the gray list with the Philippines.
