The Paris-based watchdog the Financial Action Task Force (FATF) has added the Philippines to its “grey list” of jurisdictions that it regards need increased monitoring in relation to risk of financial crimes.
The Financial Action Task Force said in its latest update: “When the FATF places a jurisdiction under increased monitoring, it means the country has committed to resolve swiftly the identified strategic deficiencies,” in its anti-money laundering (AML) and combatting the financing of terrorism (CFT) framework “within agreed timeframes and is subject to increased monitoring”.
The body added that the Philippines already had made this month “a high-level political commitment” to work with the FATF and the Asia/Pacific Group on Money Laundering, a regional watchdog.
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