Philippines still on FATF ‘grey list’

Jenny Ortiz February 27, 2024

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Philippines still on FATF ‘grey list’

The Philippines failed to exit the “grey list” of the Paris-based money-laundering watchdog Financial Action Task Force (FATF).

In a statement, FATF said that being included in the grey list means the country is still under “increased monitoring” – specifically on its progress in resolving within agreed timeframes some strategic deficiencies in its defences against dirty money and terrorism financing.

However, the FATF said that “the Philippines has taken steps towards improving its AML/CFT regime, including by identifying and investigating TF (terrorism financing) cases.”

As of Feb. 23, there are 21 countries on the grey list. The Southeast Asian country was first added to the list in June 2021.

Meanwhile, Gibraltar, the United Arab Emirates (UAE), and Uganda exited FATF’s grey list.

Key areas of concern include casinos

The anti-money laundering watchdog highlighted the need for the Philippines to demonstrate effective supervision of designated non-financial businesses and professions (DNFBPs) which encompass sectors such as casinos, real estate agents, lawyers, and accountants.

The FATF also emphasised the importance of mitigating risks associated with casino junkets.

Government’s response

In a local media report, Philippines’ Anti Money Laundering Council (AMLC) Secretariat Executive Director Matthew David said that despite being retained on the grey list, the “government remains dedicated to strengthening the country’s position in the global fight against financial crimes.”

Moreover, David said the AMLC is “happy that the collaborative effort among agencies in addressing areas for improvement as suggested by the FATF has been cited.”

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