Philippines on list of nations that must step up drive vs money laundering, terror financing

Malacañang on Oct 18 called for urgent implementation of a program to address deficiencies in these areas.

Jean Mangaluz

Jean Mangaluz

Philippine Daily Inquirer


Soldiers conduct clearing operations in Marawi City in a file photo taken on June 30, 2017. PHOTO: PHILIPPINE DAILY INQUIRER

October 19, 2023

MANILA — The Philippines is still on the ‘grey list’ of the Financial Action Task Force (FATF), the Presidential Communications Office (PCO) said.

FATF is a global money-laundering watchdog based in Paris.

Being on its grey list means the country is working to improve measures against money laundering and terrorist financing.

“As of September 2023, out of 18 ICRG (International Country Risk Guide) Actions Plans, the Philippines must still address eight plans for it to exit the FATF Grey List by January 2024,” the PCO said on Wednesday.

It did not specify the plans must still be addressed.

“This statement identifies countries that are actively working with the FATF to address strategic deficiencies in their regimes to counter money laundering, terrorist financing, and proliferation financing,” FATF had said.

Malacañang on Wednesday released Memorandum Circular No 37.

It called for urgent implementation of a program called National Anti-Money Laundering, Counter-Terrorism Financing, and Counter Proliferation Financing Strategy (NACS).

In July, President Ferdinand “Bongbong” Marcos Jr. ordered agencies to adopt NACS.

The Chief Executive told government offices to adhere to the program’s objective by “addressing deficiencies on time.”

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