The Philippine central bank governor worries the country may not be able to meet the requirements this year The deadline for exiting the Financial Action Task Force (FATF) gray list is likely to be met only in 2025.
July 9, 2024, Bank Negara Philippines (BSP) Bank President Eli M. Remolona Jr. said that according to the original plan, it is unlikely that the country will exit the FATF gray list before October this year.
In this case, the BSP serves as the country’s central bank, The goal is to exit the FATF gray list by January 2025.
In June 2021, due to the anti-money laundering (AML), FATF placed the Philippines on its gray list after 18 deficiencies were found in efforts to combat the financing of terrorism (CFT) and proliferation financing (PF) related to chemical, nuclear and biological weapons.
Remolona noted that the review planned for October will determine the Philippines’ Have these 18 defects been resolved? The Paris-based international organization will conduct a review between October and January, with a goal of exiting in January 2025.
He further explained that the country has completed 18 The 15 items are now classified as having been largely resolved, leaving three action items to focus on.
In the June update, for the third consecutive year, FATF The Philippines remains on its gray list. The update acknowledged that the Philippines has made “significant” progress in strengthening its anti-money laundering and counter-terrorism financing (AML/CFT) framework, but highlighted the need to address remaining deficiencies.
FATF also expressed concerns about the regulation of casinos and VIP rooms in the country . In response, the central bank governor stressed that the Philippine Amusement and Gaming Corporation (PAGCOR) is strengthening supervision of casino VIP rooms.
