The Philippines has 12 months to resolve “dirty money” issues that landed it in the “grey list” of the global anti-money laundering watchdog, the Financial Action Task Force (FATF), according to Bangko Sentral ng Pilipinas Governor Felipe M. Medalla.
The Philippines has 12 months to resolve “dirty money” issues that landed it in the “grey list” of the global anti-money laundering watchdog, the Financial Action Task Force , according to Bangko Sentral ng Pilipinas Governor Felipe M. Medalla.
Medalla said they still have a year to improve and to be delisted from the watchlist. “Solution requires a whole of government approach,” he also said. The National Anti-Money Laundering/Combatting the Financing of Terrorism Coordinating Committee or the NACC was established in 2018 for a whole of government approach.
There are no pending bills or legislative measures in the pipeline. Even the proposed changes to the bank deposits secrecy law has already been recognized by the FATF, especially since the Anti-Money Laundering Council is exempted from the restrictions of the said law. The AMLC, chaired by Medalla, also has an unimpeded access to bank account information due to the latest version of the AMLA.
Based on the country’s third follow-up report on its mutual evaluations report or MER, the FATF said the country has acted sufficiently to resolve some of the AML/CFT issues within the agreed timelines. The FATF said that after reviewing the latest MER, the Philippines will stay in the so-called “enhanced follow-up” level and will continue to report back to the organization’s Asia/Pacific Group on Money Laundering to monitor its progress and to “strengthen its implementation of AML/CFT measures.”
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