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The Paris-based Financial Action Task Force asked the Philippine government to swiftly implement its action plan to address strategic deficiencies on anti-money laundering campaign and combatting the financing of terrorism .
The Philippines was added to the “grey list” in June 2021. Jurisdictions under this list are under increased monitoring by the watchdog. “The FATF urges the Philippines to swiftly implement its action plan to address the … strategic deficiencies as soon as possible as all deadlines expired in January 2023,” FATF said.
It recommended that the Philippines demonstrate that it was making use of AML and CFT controls “to mitigate risks associated with casino junkets”.
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