Paris-based watchdog Financial Action Task Force again added the Philippines to its gray list, or the roster of countries under increased monitoring, after failing to address strategic deficiencies to counter money laundering as well as terrorist and proliferation financing.and the amendments to the Anti-Money Laundering Act . Amendments to the Secrecy of Bank Deposits Law, meanwhile, are still pending.
Mel Georgie Racela, executive director of the AMLC Secretariat, earlier said being on the gray list would publicly identify the Philippines and its citizens as a risk to the international financial system. In 2000, the FATF blacklisted the Philippines for its lack of power to prevent money laundering and to nail down individuals involved in terrorist financing. The FATF then removed the Philippines from the list in February 2005 after the enactment of the AMLA.
Other countries included in FATF’s gray list are Malta, Pakistan, Haiti, and South Sudan. Ghana had been removed after the country had made progress, according to a Reuters report.
Two, the FATF said the country should implement the new registration requirements for money or value transfer services and apply sanctions to unregistered and illegal remittance operators. This will help ensure that information is accurate and up-to-date, and will also help streamline law enforcement agencies’ access to beneficial ownership information.
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