The Philippines hopes to exit the FATF gray list by the end of 2024

The Philippines is optimistic about its prospects of being removed from the Financial Action Task Force (FATF) gray list by the end of 2024. President Ferdinand Marcos Jr. has urged all government agencies to address deficiencies in gambling regulation highlighted by the intergovernmental organization.

Despite significant efforts made by Philippine authorities last year to be delisted, the FATF withheld approval. The group granted an additional year to address the outstanding issues, and so far, 10 out of the 18 identified points have been resolved.

Acknowledging the need for a robust fight against terrorist financing, the government is committed to addressing concerns, particularly related to money laundering in the gaming industry, which the FATF views as a potential risk.

The FATF sets global standards for combating money laundering, and countries on the gray list are those where legislation lacks effective control over cash flows or where authorities do not adequately oversee financial transactions. Money laundering and potential ties to terrorist activities are key concerns for the FATF. Alongside the Philippines, other countries on the gray list include Bulgaria, Mali, Turkey, and Vietnam.

8 January 2024, 12:00

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