{"id":8412,"date":"2023-12-07T00:00:00","date_gmt":"2023-12-07T00:00:00","guid":{"rendered":"https:\/\/www.mundovideo.com.co\/en\/asia\/philippines-wants-to-exit-from-grey-list-looking-to-be-a-gambling-a-commerce-hub\/"},"modified":"2023-12-07T00:00:00","modified_gmt":"2023-12-07T00:00:00","slug":"philippines-wants-to-exit-from-grey-list-looking-to-be-a-gambling-a-commerce-hub","status":"publish","type":"asia","link":"https:\/\/www.mundovideo.com.co\/en\/asia\/philippines-wants-to-exit-from-grey-list-looking-to-be-a-gambling-a-commerce-hub\/","title":{"rendered":"Philippines wants to exit from grey list, looking to be a gambling a commerce hub."},"content":{"rendered":"

In October, the Financial Action Task Force (FATF) <\/span><\/span>urged the Philippines<\/span><\/span><\/a><\/u><\/span> to “swiftly implement” its action plan to address existing “strategic deficiencies” regarding AML and CFT.<\/span><\/span><\/span><\/p>\n

Cambodia and Morocco removed from grey List<\/a><\/u><\/span><\/span><\/p>\n

The Philippines remains on FATF’s “grey list” of jurisdictions it thinks need increased monitoring regarding financial-crime risk. The Philippines was added to the “grey list” in June 2021.<\/span><\/span><\/span><\/p>\n

Philippines still on grey list<\/a><\/u><\/span><\/span><\/p>\n

In its latest report, the FATF acknowledged that, since June 2021, the Philippines had “taken steps” towards improving its AML\/CFT regime. But the FATF listed some areas where more should be done to address the country’s “strategic deficiencies” in those matters.<\/span><\/span><\/span><\/p>\n

Among the recommendations, the international body said again the Philippines had to demonstrate that it was making use of AML and CFT controls “to mitigate risks associated with casino junkets”.<\/span><\/span><\/span><\/p>\n

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In January, the governor of the Philippine central bank said the country has been given a one-year extension – until January 2024 – to meet the financial standards needed to get off the risk list of the FATF.<\/span><\/span><\/span><\/p>\n

In Friday’s statement, the AMLC highlighted that the nation’s relevant agencies remained “dedicated to swiftly and effectively implementing the outstanding action plans,” despite the “lapse of January 2023 deadlines” agreed with the FATF.<\/span><\/span><\/span><\/p>\n

“The relevant agencies’ commitment extends beyond timelines, focusing on establishing a robust and compliant AML\/CTF framework in the Philippines,”<\/em><\/span><\/span> it added. The AMLC also called on the country’s private sector “to continue contributing” towards efforts to exit the FATF’s “grey list”.<\/span><\/span><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

The Philippines was added to the \u201cgrey list\u201d in June 2021.<\/p>\n","protected":false},"author":1,"featured_media":8413,"menu_order":217,"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":[4283],"class_list":{"0":"post-8412","1":"asia","2":"type-asia","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"tag-the-philippines-was-added-to-the-grey-list-in-june-2021","8":"entry"},"yoast_head":"\nPhilippines wants to exit from grey list, looking to be a gambling a commerce hub. - Mundo Video Entertainment | Casino News in Latin America and the World<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.mundovideo.com.co\/en\/asia\/philippines-wants-to-exit-from-grey-list-looking-to-be-a-gambling-a-commerce-hub\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Philippines wants to exit from grey list, looking to be a gambling a commerce hub. - 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