Philippines still on FATF ‘grey list’

Jenny Ortiz 1 month ago
Philippines still on FATF ‘grey list’

The Philippines failed to exit the “grey list” of the Paris-based money-laundering watchdog Financial Action Task Force (FATF).

In a statement, FATF said that being included in the grey list means the country is still under “increased monitoring” – specifically on its progress in resolving within agreed timeframes some strategic deficiencies in its defences against dirty money and terrorism financing.

However, the FATF said that “the Philippines has taken steps towards improving its AML/CFT regime, including by identifying and investigating TF (terrorism financing) cases.”

As of Feb. 23, there are 21 countries on the grey list. The Southeast Asian country was first added to the list in June 2021.

Meanwhile, Gibraltar, the United Arab Emirates (UAE), and Uganda exited FATF’s grey list. 

Key areas of concern include casinos

The anti-money laundering watchdog highlighted the need for the Philippines to demonstrate effective supervision of designated non-financial businesses and professions (DNFBPs) which encompass sectors such as casinos, real estate agents, lawyers, and accountants.

The FATF also emphasised the importance of mitigating risks associated with casino junkets.

Government’s response

In a local media report, Philippines’ Anti Money Laundering Council (AMLC) Secretariat Executive Director Matthew David said that despite being retained on the grey list, the “government remains dedicated to strengthening the country’s position in the global fight against financial crimes.”

Moreover, David said the AMLC is “happy that the collaborative effort among agencies in addressing areas for improvement as suggested by the FATF has been cited.”

SiGMA Africa – only two weeks away!

With less than a month until the highly anticipated SiGMA Africa event kicks off in Cape Town, South Africa on the 11th of March, the gaming industry is abuzz with excitement. Building on the success of its inaugural edition in Nairobi, Kenya, in January 2023, SiGMA Africa is strategically positioning itself at the forefront of Africa’s burgeoning gaming landscape. With the continent’s market poised for exponential growth, driven by a rapidly evolving digital ecosystem and increasing mobile connectivity, SiGMA Group recognizes the need to foster collaboration and innovation within the industry. By bringing together leading stakeholders and visionaries in gaming, SiGMA aims to catalyse progress and propel Africa towards a new era of prosperity and opportunity. As the countdown to the event begins, anticipation mounts for what promises to be a landmark gathering of gaming enthusiasts and innovators in the vibrant city of Cape Town.

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