The Financial Action Task Force, a global AML watchdog, has urged the Philippines to swiftly implement plans to address key deficiencies in its anti-money laundering controls, including those related to casino junkets.
The comments formed part of an update on jurisdictions under increased monitoring following FATF’s fourth Plenary under the Presidency of T. Raja Kumar of Singapore, held last week. The Philippines was placed on the agency’s “grey list” in June 2021 as a result of failing to address various deficiencies that had been previously identified.
Addressing the Philippines’ progress this week, FATF noted that the country’s leadership had made a “high-level political commitment” to work with the FATF and the Asia-Pacific Group on Money Laundering to strengthen the effectiveness of its AML/CFT regime.
