PHL on track to get off the “gray list” by 2023


The Anti-Money Laundering Council (AMLC) has expressed its conFiAs a result, the Philippines will be removed from the Financial Action Task Force (FATF) ‘gray list’ by January 2023, as it works with other government agencies to address gaps in the implementation of countermeasures. “Dirty money” and terrorism Fifunding.

On Friday, the FATF kept the Philippines on its gray list, although it recognized the country’s progress in preventing money laundering and other Financial crimes.

“The January 2023 deadline allows for some leeway, bearing in mind that we are facing national and local elections in May 2022 which could lead to major changes in the bureaucracy. This is the reason for the deadline of January 2023, ”said Benjamin E. Diokno, president of AMLC and governor of Bangko Sentral ng Pilipinas, in a Viber message.

The global dirty money watchdog noted that the Philippines has developed and implemented guidelines on write-off and unfreezing of assets for Fifinancial sanctions linked to proliferation Fifunding, reducing the action plan items to 17 instead of 18 that need to be addressed.

“There is progress… We are at 17 gaps. Get off the list is a government enterprise. The responsibility to satisfy the ofFiCompetences do not only lie with AMLC, but also with other government institutions, ”Mr. Diokno said.

Jurisdictions subject to increased FATF oversight, such as the Philippines, are required to submit reports each January, May and September to show progress made in implementing anti-money laundering measures (AML ) and the financing of terrorism (CTF).

“We have no deliverable item for the month of January [2022] reporting cycle because we have already submitted our compliance in the September reporting cycle, ”AMLC Executive Director Mel Georgie B. Racela said in a Viber post, noting that they are now working on deliverables for the May 2022 reporting cycle.

These elements, he said, include the increase in the number of staff in AMLC’s financial intelligence analysis group and evidence of an improved timeline for sharing intelligence information with intelligence agencies. ‘law application. More terrorist financing investigators will be needed, added Racela.

The government will also need to tighten measures to ensure that foreign currency declarations are tracked at major seaports and airports. The country is seeking to prove to the FATF that it has increased the number of foreign currency declarations, as well as confiscations when customs rules are violated, Racela said.

“We are doing our best to comply with these elements by January 2022,” he said.

To accomplish these deliverables, he said AMLC is working with the Customs Bureau, the Philippine National Police, and the Armed Forces of the Philippines, among others.

Mr. Diokno said that no legislation is needed for the Philippines to be removed from the FATF gray list.

“Remember that we need to demonstrate effective implementation of existing laws. None of the remaining 17Fiscience requires the adoption of new laws. We just need to stay focused and work endlessly to satisfy the rest of theFiscience. We are doing all of this in the midst of the ongoing pandemic, ”he said.

Republic Law 11479 or the Anti-Terrorism Law of 2020 was enacted in July 2020, while Republic Law 11521, which strengthens the country’s anti-money laundering law, was enacted on January 29, 2021. .

The FATF has set a deadline of February 1 for the Philippines to show tangible progress in action against money laundering-related financial crimes. He included the Philippines in his gray list in June. – Luz Wendy T. Noble

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