Tuesday, December 12, 2023
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Philippines moving forward with AML/CFT legislation

The Philippines is moving forward with Anti-Money Laundering and Counter-Terrorism Financing legislation, as it furthers its bid to get off the FATF gray list.

According to reports, the government has now issued mandates for government bodies, including PAGCOR, to “immediately and timely formulate and implement relevant strategies, plans and programs to implement NACS 2023-2027 [National AML/TF/CPF Strategy], particularly its Strategic Objective No. 1”.

This new plan requires regular communication with authorities on strategy, while also assigning key personnel to handle the issue.

The Philippines has been struggling to get off international radar, as its lackluster compliance results have led to its continuance on the FATF gray list, despite neighboring countries being able to level up.

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