Since June 2021, the Philippines has been included in the global “grey list” of countries with a higher risk of financial crime. A new ban on Philippine Offshore Gaming Operators (POGOs) could help the country be removed from the list.
The Financial Action Task Force (FATF) compiles gray lists and notorious black lists three times a year. According to the FATF website, inclusion on the list "can harm a country's reputation and reduce its international standing." That could scare away foreign investors, including global banks, and make it harder to get credit.
The Financial Action Task Force issued 18 action plans that the Philippines will be required to complete in order to be delisted. "The Philippines has actually taken action on 15 of the 18 action plans," outgoing FATF Chairman T Raja Kumar said at a press conference in June.
Even so, the regulator left its list unchanged pending further improvements.
"The Philippines should quickly address the three remaining actions," Kumar said, which include "demonstrating that regulators are using anti-money laundering and counter-financing of terrorism (AML/CFT) controls to mitigate risks associated with casino junkets."
