Financial Crime World

Philippines Redoubles Efforts to Enhance AML/CTF Regime, Eyes Exit from Greylist

The Philippine government has reaffirmed its commitment to strengthening its anti-money laundering (AML), counter-terrorism financing (CTF), and counter-proliferation financing (CPF) regime in response to the Financial Action Task Force’s (FATF) public statement on October 27, 2023.

Enhancing AML/CTF Measures

Since June 2021, the Philippines has been actively collaborating with the FATF and the Asia/Pacific Group on Money Laundering (APG) to bolster its AML/CTF measures. Key government agencies have rallied behind Executive Order No. 33, Series of 2023, and Memorandum Circular No. 37 issued by President Ferdinand R. Marcos Jr., setting the strategic direction for the country’s initiatives.

Focus Areas:

  • Enhancing risk-based supervision of designated non-financial businesses and professions (DNFBPs)
  • Implementing AML/CTF controls to manage risks linked with casino junkets
  • Refining law enforcement agencies’ access to beneficial ownership information
  • Intensifying money laundering investigations and prosecutions
  • Elevating the identification, investigation, and prosecution of terrorism financing cases

Progress and Commitment

Despite the FATF’s note on the lapse of January 2023 deadlines, the Philippines remains dedicated to swiftly implementing its outstanding action plans. The country has made significant progress in:

  • Building a strong beneficial ownership information system
  • Establishing a robust DNFBP risk-based framework
  • Becoming a strong international partner in money laundering and terrorism financing investigations

The government’s commitment extends beyond timelines, focusing on establishing a robust and compliant AML/CTF framework in the Philippines.

Private Sector Involvement

We now urge the private sector to continue contributing towards efforts to exit the greylist by:

  • Registering with the Anti-Money Laundering Council (AMLC) as designated non-financial businesses and professions (DNFBPs)
  • Complying with the Securities and Exchange Commission’s (SEC) directives
  • Submitting General Information Sheets with beneficial ownership declarations

International Collaboration and Improvement

The Philippines values the guidance and recommendations from international bodies like the FATF and remains committed to continuous improvement and collaboration. By working hand in hand with our international partners and leveraging the collective strength of our national agencies, we continue to address strategic deficiencies and ensure the resilience and integrity of our financial landscape.

Let’s work together to exit the greylist and strengthen our AML/CTF regime!