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Philippines Scores Moderately in Money Laundering Prevention Assessed by FATF

The Philippines has been assessed by the Financial Action Task Force (FATF) on its implementation of measures to prevent money laundering and terrorist financing. According to the assessment, the country has made progress in implementing some requirements, but there are still areas that need improvement.

Assessment Highlights

Implementation of Requirements

  • The Philippines has largely implemented technical requirements for assessing risk and applying a risk-based approach (R.1).
  • It has also implemented measures related to national cooperation and coordination (R.2) and confiscation and provisional measures (R.4).
  • However, it was found partially compliant in implementing measures related to:
    • Terrorist financing offenses (R.5)
    • Targeted financial sanctions related to terrorism and terrorist financing (R.6)
    • Targeted financial sanctions related to proliferation (R.7)

Areas Requiring Improvement

  • Regulation and supervision of financial institutions (R.26)
  • Powers of supervisors (R.27)
  • Implementation of measures related to DNFBPs, including:
    • Customer due diligence (R.22)
    • Other measures (R.23)
    • Transparency and beneficial ownership of legal persons (R.24)
    • Transparency and beneficial ownership of legal arrangements (R.25)

Additional Areas for Improvement

  • Financial intelligence units (R.29)
  • Responsibilities of law enforcement and investigative authorities (R.30)
  • Powers of law enforcement and investigative authorities (R.31)
  • Cash couriers (R.32)
  • Statistics (R.33)
  • Guidance and feedback (R.34)
  • Sanctions (R.35)
  • International instruments (R.36)
  • Mutual legal assistance (R.37)
  • Other forms of international cooperation (R.40)

Conclusion

Overall, the assessment concludes that the Philippines has made significant progress in implementing measures to prevent money laundering and terrorist financing, but there are still areas that require improvement to strengthen its anti-money laundering regime.