PH still on money laundering list
Money

PH still on money laundering list

By Eileen Mencias

The Financial Action Task Force (FATF) kept the Philippines on the grey list of countries with deficiencies in combatting money laundering and terrorist financing.

The FATF acknowledged that the Philippines had taken steps to improve its anti-money laundering/counter terrorist financing regime but it still needs to show an increase in the identification, investigation, and prosecution of terrorist financing cases.

According to the FATF, Philippine regulators need to demonstrate that it uses AML/CFT controls to mitigate risks.

Countries on the grey list are required to submit progress reports to the FATF thrice a year.

The 22 other jurisdictions on the grey list are Albania, Barbados, Burkina Faso, Cambodia, Cayman Islands, Haiti, Jamaica, Jordan, Mali, Morocco, Myanmar, Nicaragua, Pakistan, Panama, Senegal, South Sudan, Syria, Turkey, Uganda, the United Arab Emirates, and Yemen. (Eileen Mencias)

 

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