{"id":8296,"date":"2022-06-21T00:00:00","date_gmt":"2022-06-21T00:00:00","guid":{"rendered":"https:\/\/www.mundovideo.com.co\/en\/asia\/one-year-later-philippines-still-on-the-grey-list\/"},"modified":"2022-06-21T00:00:00","modified_gmt":"2022-06-21T00:00:00","slug":"one-year-later-philippines-still-on-the-grey-list","status":"publish","type":"asia","link":"https:\/\/www.mundovideo.com.co\/en\/asia\/one-year-later-philippines-still-on-the-grey-list\/","title":{"rendered":"One year later Philippines still on the grey list"},"content":{"rendered":"<p style=\"text-align:justify\"><span style=\"font-size:12pt\"><span style=\"font-family:Calibri,sans-serif\"><a href=\"https:\/\/www.mundovideo.com.co\/asia\/philippines-still-on-grey-list\" style=\"color:#0563c1; text-decoration:underline\" target=\"_blank\" rel=\"noopener\"><span style=\"font-size:14.0pt\"><span style=\"font-family:&quot;Arial&quot;,sans-serif\">The Financial Action Task Force (FATF<\/span><\/span><\/a><span style=\"font-size:14.0pt\"><span style=\"font-family:&quot;Arial&quot;,sans-serif\">), the Paris-based inter-governmental agency that monitors controls on anti-money laundering and terrorist financing, has decided to keep the Philippines on it&rsquo;s &ldquo;grey list&rdquo; of untrustworthy jurisdictions. It updated the list after a four-day meeting last week.<\/span><\/span><\/span><\/span><\/p>\n<p style=\"text-align:justify\">&nbsp;<\/p>\n<p style=\"text-align:justify\"><span style=\"font-size:12pt\"><span style=\"font-family:Calibri,sans-serif\"><span style=\"font-size:14.0pt\"><span style=\"font-family:&quot;Arial&quot;,sans-serif\">The FATF acknowledged that the Philippines had &ldquo;taken steps to improve its AML\/CFT regime&rdquo; since last June. However, it listed seven areas where more work is needed to address the country&rsquo;s &ldquo;strategic deficiencies&rdquo; related to AML and CFT.<\/span><\/span><\/span><\/span><\/p>\n<p style=\"text-align:justify\">&nbsp;<\/p>\n<p style=\"text-align:justify\"><span style=\"font-size:12pt\"><span style=\"font-family:Calibri,sans-serif\"><span style=\"font-size:14.0pt\"><span style=\"font-family:&quot;Arial&quot;,sans-serif\">Among the recommendations, it said the Philippines needs to demonstrate that it uses AML and CFT controls &ldquo;to mitigate risks associated with casino junkets.&rdquo;<\/span><\/span><\/span><\/span><\/p>\n<p style=\"text-align:justify\">&nbsp;<\/p>\n<p style=\"text-align:justify\"><span style=\"font-size:12pt\"><span style=\"font-family:Calibri,sans-serif\"><a href=\"https:\/\/www.mundovideo.com.co\/asia\/philippine-now-has-two-gambling-watchdogs\" style=\"color:#0563c1; text-decoration:underline\" target=\"_blank\" rel=\"noopener\"><span style=\"font-size:14.0pt\"><span style=\"font-family:&quot;Arial&quot;,sans-serif\">Countries on the grey list are required to submit progress reports to FATF three times a year.<\/span><\/span><\/a><span style=\"font-size:14.0pt\"><span style=\"font-family:&quot;Arial&quot;,sans-serif\"> The Philippines was on the grey list before from 2000 until 2005. <\/span><\/span><\/span><\/span><\/p>\n<p style=\"text-align:justify\">&nbsp;<\/p>\n<p style=\"text-align:justify\"><span style=\"font-size:12pt\"><span style=\"font-family:Calibri,sans-serif\"><span style=\"font-size:14.0pt\"><span style=\"font-family:&quot;Arial&quot;,sans-serif\">A week ago, the International Monetary Fund (IMF) issued a report that classed the Philippine casino industry as one of the economic activities that pose a &ldquo;moderate&rdquo; risk to the country&rsquo;s international reputation in terms of anti-money laundering (AML) work and combatting the financing of terrorism (CFT).<\/span><\/span><\/span><\/span><\/p>\n<p style=\"text-align:justify\">&nbsp;<\/p>\n<p style=\"text-align:justify\"><span style=\"font-size:12pt\"><span style=\"font-family:Calibri,sans-serif\"><span style=\"font-size:14.0pt\"><span style=\"font-family:&quot;Arial&quot;,sans-serif\">The Philippines has a significant and growing casino and online gambling industry that sought customers from Asia Pacific and beyond in the pre-pandemic era.<\/span><\/span><\/span><\/span><\/p>\n<p style=\"text-align:justify\">&nbsp;<\/p>\n<p style=\"text-align:justify\"><span style=\"font-size:12pt\"><span style=\"font-family:Calibri,sans-serif\"><span style=\"font-size:14.0pt\"><span style=\"font-family:&quot;Arial&quot;,sans-serif\">No Copyright infringement intended. Video\/Photo Unknown Direct for credits\/issue or text us +57 3606412 &#8230; | Respect to Photographers &amp; Influence<\/span><\/span><\/span><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The FATF has decided to keep the Philippines on it\u2019s \u201cgrey list\u201d of untrustworthy jurisdictions.<\/p>\n","protected":false},"author":1,"featured_media":5669,"menu_order":332,"comment_status":"open","ping_status":"open","template":"","format":"standard","meta":{"inline_featured_image":false,"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[],"tags":[4185],"class_list":{"0":"post-8296","1":"asia","2":"type-asia","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"tag-anti-money-laundering-terrorist-financing-fatf-casinos-gambling","8":"entry"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.6 - 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