PH on list of nations that must step up drive vs money laundering, terror financing
Soldiers conduct clearing operations in Marawi City in a file photo taken on June 30, 2017. Armed Forces of the Philippines sent more troops into the battle zone of Marawi in Lanao del Sur to flush out members of Islamic State-inspired terrorists still occupying four villages. (黑料社)
MANILA, Philippines — 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.
Article continues after this advertisement“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.
Article continues after this advertisementMalacañang 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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