The Philippines’ Anti-Money Laundering Counsel (AMLC) says it is in the process of implementing enhanced anti-money laundering and counter-terrorism financing protocols for casino junkets as part of its response to recent comments by the Financial Action Task Force (FATF).
As reported by Inside Asian Gaming, FATF in October issued a statement urging the Philippines to swiftly implement plans to address key deficiencies in its AML controls, including those related to casino junkets. This followed the global AML watchdog earlier this year giving the Philippines an additional 12 months until January 2024 to address these deficiencies and be removed from its grey list.
In a response published late last week, the AMLC said it was reaffirming its “steadfast commitment to bolstering the effectiveness of its Anti-Money Laundering, Counter Terrorism Financing and Counter Proliferation Financing regime.
“Since June 2021, guided by high-level political commitment, the Philippines has actively collaborated with the FATF and the Asia/Pacific Group on Money Laundering (APG) to enhance the country’s AML/CTF measures,” it said.
“Executive Order No. 33, Series of 2023, and Memorandum Circular No. 37, issued by President Ferdinand R. Marcos Jr., underscore this unwavering commitment and set the strategic direction for the country’s initiatives.”
Among the key government initiatives to ensure improved measures are the implementation of AML/CTF controls to manage risks linked with casino junkets; enhanced risk-based supervision of Designated Non-Financial Businesses and Professions (DNFBP); refinement of law enforcement agencies’ access to Beneficial Ownership information, ensuring its accuracy and timeliness, intensifying money laundering (ML) investigations and prosecutions in line with identified risks; and elevation of the identification, investigation, and prosecution of terrorism financing (TF) cases.
“Despite the FATF’s note on the lapse of January 2023 deadlines, it is crucial to highlight that the nation’s pertinent agencies remain dedicated to swiftly and effectively implementing the outstanding action plans,” AMLC said.
“The Philippines has made leaps in becoming a strong international partner in ML and TF investigations, building a strong BO information system in line with best practices, and establishing a robust DNFBP risk-based framework ahead of the global network. The relevant agencies’ commitment extends beyond timelines, focusing on establishing a robust and compliant AML/CTF framework in the Philippines.”
The AMLC also said it was calling on the private sector to “continue contributing towards efforts to exit the grey list.”
“The Philippines values the guidance and recommendations from international bodies like the FATF and remains committed to continuous improvement and collaboration,” it said.
“By working hand in hand with our international partners and leveraging the collective strength of our national agencies, the Philippines continues its momentum in addressing its strategic deficiencies and further ensure the resilience and integrity of its financial landscape.”
The Philippines was placed on the FATF “grey list” of nations under increased monitoring for deficiencies in AML and CTF controls. in June 2021 as a result of failing to address deficiencies previously identified.
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