By Luisa Maria Jacinta C. Jocson, Reporter
THE PHILIPPINES is anticipated to lastly exit the Monetary Motion Process Drive’s (FATF) “grey record” by February, the Anti-Cash Laundering Council (AMLC) mentioned, however continued reforms will likely be essential to make sure the nation stays out of the soiled cash watchlist.
“It’s very seldom that the FATF doesn’t grant an exit from the grey record after the onsite (go to),” AMLC Government Director Matthew M. David mentioned at an SGV & Co. discussion board on Friday.
“We’re very optimistic that we will exit as a result of we have now already proven (progress). That’s why I at all times say that we have now to maintain. We nonetheless need to maintain what we did earlier than and proceed doing that till the following mutual analysis.”
At its October plenary, the FATF saved the Philippines in its record of jurisdictions beneath elevated monitoring for “soiled cash” dangers. The nation has been on the record for over three years or since June 2021.
Nevertheless, the FATF mentioned it initially decided that the Philippines has “considerably accomplished” the really helpful motion gadgets to enhance its anti-money laundering and counter financing of terrorism (AML/CFT) regime.
The soiled cash watchdog is about to conduct an onsite evaluation to confirm the nation’s progress and sustainability of AML/CFT reforms.
This go to will possible happen early subsequent 12 months, earlier than the FATF’s subsequent plenary assembly in February.
Mr. David mentioned that the Philippines will discover out by February if it will likely be capable of exit the record.
“Sure, we’ll find out. The identical course of, they may subject a public assertion that they may add on the FATF web site,” he instructed BusinessWorld on the sidelines of the occasion.
The AMLC can also be within the means of submitting a consolidated progress report back to the FATF this month. Mr. David mentioned they’re “optimistic” in regards to the progress made up to now.
“What we are going to present within the report is that certainly we have now proof to again up our claims that we have now complied with the 18 really helpful motion plan gadgets,” he added.
At its June replace, the FATF mentioned the nation wanted to handle three remaining deficiencies of 18 really helpful motion gadgets.
These embrace “demonstrating that supervisors are utilizing AML/CFT controls to mitigate dangers related to on line casino junkets; making use of cross-border measures to all primary sea/airports together with detection of false declarations of forex and confiscation motion consistent with danger; and demonstrating a rise within the prosecution of TF (terrorism financing) circumstances consistent with danger,” in keeping with the FATF.
Mr. David mentioned that failure to handle the remaining motion plans would have put the Philippines prone to being positioned on the blacklist.
“The longer we’re within the grey record, the larger the chance that we’ll enter the blacklist,” he added.
Regardless that the nation is anticipated to quickly exit the grey record, there may be nonetheless work to be performed in an effort to maintain the progress made up to now, Mr. David mentioned.
“We intend to proceed that to show sustainability, as a result of sustainability is essential to FATF… We should present that every one these really helpful motion plan gadgets are being sustained. We’re sustaining our measures, our accomplishments,” he mentioned.
“You continue to proceed submitting circumstances and we intend to do this. We will likely be submitting circumstances for cash laundering and terrorism financing till December, till January and thereafter.”
Mr. David mentioned the AMLC may also proceed to reinforce the nation’s AML/CFT regime by amending laws and issuing new insurance policies associated to legislation enforcement for cash laundering and terrorism financing, amongst others.
The AMLC can also be looking for to make sure amendments to the Anti-Cash Laundering Act, he added.
In 2002, the FATF blacklisted the Philippines for having no authorized anti-money laundering framework. It was faraway from the blacklist a 12 months later after the passage of the Anti-Cash Laundering Act.
