{"id":19527,"date":"2024-07-01T03:03:33","date_gmt":"2024-07-01T03:03:33","guid":{"rendered":"https:\/\/energybuzz.ph\/staging\/6915\/phl-can-still-exit-gray-list-by-october-analysts\/"},"modified":"2024-07-01T03:03:33","modified_gmt":"2024-07-01T03:03:33","slug":"phl-can-still-exit-gray-list-by-october-analysts","status":"publish","type":"post","link":"https:\/\/energybuzz.ph\/staging\/6915\/phl-can-still-exit-gray-list-by-october-analysts\/","title":{"rendered":"PHL can still exit \u2018gray list\u2019 by October \u2014 analysts"},"content":{"rendered":"
\n

THE PHILIPPINES may still <\/span>be able to exit the \u201cgray list\u201d of the Financial Action Task Force (FATF) by October if it implements the necessary reforms, according to analysts.<\/p>\n

This after the FATF kept the Philippines on the \u201cgray list\u201d of jurisdictions subjected to increased monitoring for \u201cdirty money\u201d risks. The Philippines has been on the list for three years or since June 2021.<\/p>\n

The Anti-Money Laundering Council (AMLC) in a statement on Friday said that the country has \u201cmoved closer to exiting the FATF gray list.\u201d<\/p>\n

\u201cWe welcome FATF\u2019s recognition of the country\u2019s progress in strengthening its position in the global <\/span>f<\/span>ight against <\/span>f<\/span>inancial crimes, even as we remain focused on addressing remaining action plan items,\u201d AMLC Executive Director Matthew M. David said. <\/span><\/p>\n

AMLC said it will continue to work on implementing its action plan to address remaining deficiencies. <\/span><\/p>\n

Earlier this year, President Ferdinand R. Marcos, Jr. directed all concerned agencies to work on efforts to exit the list by October. <\/span><\/p>\n

The FATF on Friday said that the Philippines has taken \u201csignif<\/span>icant steps towards improving its anti-money laundering and counter f<\/span>inancing of terrorism (AML\/CFT) regime.\u201d<\/p>\n

FATF President T. Raja Kumar at a press brie<\/span>f<\/span>ing on Friday said that the coun<\/span>try has \u201ccontinued to demonstrate steady progress,\u201d citing increased money laundering investigations and prosecutions. <\/span><\/p>\n

\u201cWe actually had a senior person from the Philippines present at the FATF Plenary demonstrating the Philippines\u2019 strong political commitment to essentially continue its progress on this front,\u201d he said. <\/span><\/p>\n

Mr. Kumar said the country should \u201cquickly address\u201d the remaining items on its action plan. \u201cThe Philippines has actually taken action on 15 of the 18 action items that it needed to act on.\u201d \u00a0<\/span><\/p>\n

The remaining items that need to be implemented include \u201cdemonstrating that supervisors are using AML\/CFT controls to mitigate risks associated with casino junkets; applying cross-border measures to all main sea\/airports including detection of false declarations of currency and conf<\/span>iscation action in line with risk; and demonstrating an increase in the prosecution of TF cases in line with risk.\u201d<\/p>\n

Data from Moody\u2019s showed that from 2018 to 2023, the Philippines was among the top five countries in Southeast Asia with money laundering activity events added over the f<\/span>ive-year period.<\/p>\n

The number of money laundering events added in the Philippines increased by 45% from 2022 to 2023.<\/p>\n

\u201cThe achievability of \u2018exiting the list\u2019 by October will depend on the course of action to be taken by the government,\u201d Antonio A. Ligon, a law and business professor at De La Salle University in Manila, said in a Viber message.<\/p>\n

Filomeno S. Sta. Ana III, coordinator of Action for Economic Reforms, said that the October deadline is achievable, but the government must step up to implement the needed reforms.<\/p>\n

\u201cWe have been on the gray list for years because the government has refused to take bold action\u2026 just do it. Implement the FATF recommendations,\u201d he said via Facebook Messenger chat.<\/p>\n

Mr. Ligon said that the Philippines\u2019 inclusion in the gray list is a serious matter as it af<\/span>fects the country\u2019s reputation.<\/p>\n

\u201cThe government\u2019s sincere ef<\/span>fort to be out of the list should be supported by relevant sectors so it will improve our f<\/span>inancial standing in the global community,\u201d he added.<\/p>\n

The FATF Plenary, which is the organization\u2019s decision-making body, usually meets in February, June and October.<\/p>\n

In 2002, the FATF blacklisted the Philippines for having no legal anti-money laundering framework. It was removed from the blacklist in 2003 after the passage of the Anti-Money Laundering Act. \u2014 Luisa Maria Jacinta C. Jocson<\/b><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

THE PHILIPPINES may still be able to exit the \u201cgray list\u201d of the Financial Action Task Force (FATF) by October if it implements the necessary reforms, according to analysts. This after the FATF kept the Philippines on the \u201cgray list\u201d of jurisdictions subjected to increased monitoring for \u201cdirty money\u201d risks. The Philippines has been on [\u2026]<\/div>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","footnotes":""},"categories":[1],"tags":[15744,14644,2052,5942,4684,2277,225,11354,1477,11],"class_list":["post-19527","post","type-post","status-publish","format-standard","hentry","category-uncategorized","tag-analysts","tag-bworldonline","tag-can","tag-exit","tag-gray","tag-list","tag-october","tag-phl","tag-still","tag-years"],"yoast_head":"\nPHL can still exit \u2018gray list\u2019 by October \u2014 analysts - Energy Buzz<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/energybuzz.ph\/phl-can-still-exit-gray-list-by-october-analysts\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"PHL can still exit \u2018gray list\u2019 by October \u2014 analysts - Energy Buzz\" \/>\n<meta property=\"og:description\" content=\"THE PHILIPPINES may still be able to exit the \u201cgray list\u201d of the Financial Action Task Force (FATF) by October if it implements the necessary reforms, according to analysts. 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