https://marketmonitor.com.ph/imf-notes-phls-progress-in-combating-money-laundering/

The International Monetary Fund (IMF) has recognized the Philippines’ significant strides in combating money laundering and terrorism financing.

In its latest report, the IMF commended the country’s progress in addressing anti-money laundering and counter-terrorism financing (AML/CFT) issues, noting that these efforts should persist. It also welcomed the Financial Action Task Force’s (FATF) acknowledgment that the Philippines has substantially completed its action plan.

The FATF, a global body monitoring money laundering and terrorism financing, removed the Philippines from its “grey list” in October after the country resolved deficiencies identified in 2021. The grey list comprises jurisdictions under heightened scrutiny for AML/CFT weaknesses.

The FATF highlighted the Philippines’ efforts in addressing eight critical action plan items. These included implementing risk-based supervision for Designated Non-Financial Business and Professions, mitigating risks associated with casino junkets, enforcing new registration requirements for Money or Value Transfer Services, and imposing sanctions on unregistered or illegal remittance operators.

Additionally, the FATF noted improvements in law enforcement access to accurate and up-to-date beneficial ownership information, enhanced use of financial intelligence, increased investigations and prosecutions for money laundering and terrorist financing, and targeted measures for the non-profit organization sector. It also lauded advancements in the financial sanctions framework for terrorism and proliferation financing.

The IMF emphasized the importance of maintaining compliance with evolving FATF standards, particularly with the next mutual evaluation scheduled for 2027. It also recommended amending the bank secrecy law to bolster AML/CFT measures and strengthen the Bangko Sentral ng Pilipinas’ supervisory capabilities.