The head of the Philippines central bank has concerns that the country can meet its deadline to exit the FATF grey list this year, most likely only in 2025.
According to Bangko Sentral ng Pilipinas (BSP) Governor Eli M. Remolona, Jr., it’s improbably the country can exit the Financial Action Task Force’s (FATF) grey list by October this year, as originally planned.
In this context, the BSP, the country’s central bank, aims to exit the FATF’s grey list of jurisdictions by January 2025.
In June 2021, the FATF placed the Philippines on its grey list due to the identification of 18 deficiencies in the country’s efforts related to anti-money laundering (AML), combating the financing of terrorism (CFT), and countering proliferation financing (PF) linked to chemical, nuclear, and biological weapons.
Remolona noted that the evaluation scheduled for October will determine if the Philippines have resolved the 18 deficiencies. The international organization headquartered in Paris will conduct a review between October and January, with January 2025 targeted as the exit date.
He further explained that the country has fulfilled 15 of the 18 items, now classified as largely addressed, leaving three action items to focus on.
In its June update, the FATF maintained the Philippines on its grey list for the third consecutive year. The update acknowledged the Philippines’ “significant” progress in enhancing its anti-money laundering and counter-financing of terrorism (AML/CFT) framework but emphasized the need to address remaining deficiencies.
The FATF has also expressed concerns about the monitoring of casinos and junkets in the country. In response, the head of the central bank highlighted that the Philippine Amusement and Gaming Corp. (PAGCOR) is enhancing its monitoring of casino junkets.
