State Dining Room, Malacañan Palace
January 2, 2024
President Ferdinand R. Marcos Jr. presided over a meeting on the status of the Philippines in the Financial Action Task Force (FATF) Greylist at the State Dining Room in Malacañan Palace.
The Anti-Money Laundering Council (AMLC) briefed President Marcos Jr. on the Philippines’ current standing in the FATF Greylist and on the reinforcement of strategies under the National Anti-Money Laundering/Counter-Terrorism Financing (AML/CTF) Strategy.
Likewise, the AMLC discussed details of previous deficiencies in addressing money laundering and terrorist financing risks. The FATF, an international watchdog, has kept the Philippines under increased monitoring since 2021, necessitating robust measures to address the highlighted shortcomings.
The AMLC also underscored the importance of the execution of the National Anti-Money Laundering/Counter-Terrorism Financing Strategy (NACS) 2023-2027, a blueprint for intensifying the country’s efforts against financial crimes.
In response to the imperative need to address deficiencies highlighted by the FATF, the Philippines is currently taking swift measures to expedite its exit from the Greylist and mitigate the risk of being blacklisted.
Key focus lies in the immediate implementation of a comprehensive action plan designed to meet the targets set by relevant authorities.
Furthermore, there is strong emphasis on ensuring the timely submission of complete information required for progress reports to the AMLC. This transparent reporting mechanism is deemed crucial in showcasing the country’s commitment to robust anti-money laundering and counter-terrorism financing efforts.
Maximizing diplomatic connections is also on the agenda to garner international support for the Philippines’ endeavors. By leveraging diplomatic ties, the country aspires to build a coalition that supports its exit from the FATF Greylist and simultaneously shield itself from the potential consequences of blacklisting.
The Philippine Government acknowledged the gravity of the situation and is determined to navigate a strategic course that ensures the Philippines is not only removed from the Greylist but also safeguarded against the risk of being blacklisted. These immediate steps reflect the nation’s commitment to upholding international standards in financial integrity and combating illicit financial activities.
* * *