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Philippines Kept On FATF 'Grey' List

by Mary Swire, Tax-News.com, Hong Kong

23 October 2012


Despite the fact that the Philippines has taken steps to improve its anti-money laundering (AML) and counter-financing of terrorism (CFT) system, the Financial Action Task Force (FATF) still has the country on its ‘grey’ list, as it considers that deficiencies remain.

The FATF has agreed that, in October 2010, the Philippines made a high-level political commitment to work with the FATF to address its AML/CFT deficiencies, and, since June this year, the government has taken steps to improve its AML/CFT system, including the issuance of implementing rules and regulations for the recently-enacted CFT law.

However, FATF has determined that certain strategic AML deficiencies remain. The Philippines should continue to work on implementing its action plan to address these deficiencies, says the FATF. These include the taking of additional measures to adequately criminalize money laundering, and the extension of coverage of reporting entities to include designated non-financial businesses and professions.

The FATF is encouraging the Philippines to address those remaining deficiencies and continue the process of implementing its action plan. In particular, the FATF strongly encourages the Philippines to enact the pending legislative amendment on AML; the third amendment to the AML Act was not passed through the Philippines parliament by October 19, the last day of the last FATF plenary meeting.

It is believed that the amendment will now have to be passed before the next FATF meeting in February 2013, or the Philippines could go back on its blacklist.

TAGS: money-laundering | tax | law | Philippines | standards | regulation | Financial Action Task Force (FATF)

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