Among the "major remaining gaps" identified by the FATF is the need to demonstrate that the Philippines is using AML and CFT controls to mitigate "casino junk-related risks," the IMF's latest report on the Philippines, released on Friday, said.
Other "core" gaps mentioned by the Fund include: "Proof effective risk-based oversight of designated non-financial companies and jobs," "Improving law enforcement's access to beneficial ownership information," and "Investigating and prosecuting complex cases of money laundering."
The Philippines remains on the FATF's "grey list" and says it should step up monitoring of financial crime risks. The Philippines was added to the "grey list" in June 2021.
In October, the FATF urged the Philippines to "swiftly implement" its action plan to address existing "strategic flaws" regarding AML and CFT.
Earlier this month, the Philippine Anti-Money Laundering Commission said the Philippine government had reaffirmed its firm commitment to increase the effectiveness of the AML regime and CFT measures.
The FATF acknowledged in its October report that the Philippines had "taken action" to improve its AML/CFT regime since June 2021. However, the FATF listed several areas where more needs to be done to address "strategic flaws" in the Philippines in these matters. These included mitigating risks related to casino junk mail.
In January, the governor of the Philippines' central bank said the Philippines had been granted a one-year extension until January 2024 to meet the financial criteria needed to get the country off the FATF's risk list.
BY: 카지노사이트
