Philippines President Ferdinand "Bongbong" Marcos Jr. aims to remove his country from the international grey list, which includes jurisdictions reportedly failing to prevent money laundering and terrorism financing activities.
Philippines President Ferdinand Marcos Jr. has initiated a comprehensive review of the government's money laundering and terrorist financing safeguards, prompted by the country's placement on the Financial Action Task Force's (FATF) grey list. FATF, the global watchdog for money laundering and terrorist financing, was established in 1989 and is headquartered in Paris. It sets international standards to combat illegal activities and their global repercussions.
FATF was founded by the Group of Seven, comprising the US, Canada, France, Germany, Italy, Japan, and the European Union, with over 200 countries pledging to adhere to FATF's guidelines on money laundering and terrorism financing safeguards. Notably, the Philippines is not among these countries.
In June, FATF added the Philippines to its "Increased Monitoring" list, urging nations to promptly address deficiencies in their measures against money laundering, terrorist financing, and proliferation of financing. This list is often informally referred to as the FATF "grey list."
President Marcos has directed 44 government agencies, including the Philippine Amusement and Gaming Corporation (PAGCOR), to implement FATF recommendations for enhanced scrutiny of significant financial transactions. PAGCOR, a state-owned entity, regulates commercial casinos in Manila and designated freeport zones, as well as operates Casino Filipino venues across the country.
These government agencies, including customs and immigration bureaus, the Philippine National Police, and the Department of Finance, have been instructed to participate in the Philippines' Money Laundering/Terrorism Financing National Risk Assessment (ML/TF NRA). Each agency will designate a high-ranking member with technical knowledge and operational experience, authorized to make decisions on their behalf. The Anti-Money Laundering Council will lead the ML/TF NRA.
The Philippines has a history of casinos being implicated in money laundering activities, with a notable case involving the movement of funds in 2016 through the Rizal Commercial Banking Corporation, allegedly connected to hackers in North Korea. These illicit transactions were reportedly laundered through various channels, including the Solaire Resort Casino in Manila's Entertainment City. Bangladesh, seeking to recover the $81 million withdrawn, has an ongoing lawsuit against RCBC for alleged negligence, but the New York Supreme Court ruled it lacks jurisdiction over Bloomberry, which was not involved in the international facilitation of fund transfers.
Marcos' directive to strengthen money laundering and terrorist financing safeguards reflects the Philippines' commitment to addressing these issues and working towards FATF compliance.
Kudos to President Marcos Jr. 👏 for his proactive measures against money laundering and terrorism financing in the Philippines. The comprehensive review and collaboration with various agencies demonstrate a commendable commitment to elevating financial safeguards and international compliance. Applauding the dedication to transparency and integrity in the nation's financial systems! Well done! 👍🌟
This is a good thing as far as the Philippines is concerned because President Marcos is personally committed to addressing issues of money laundering and terrorism financing.It also demonstrates a commitment to global financial standards by proactively revising and reinforcing safeguards.This helps to protect the country’s economic sovereignty and ensures that there is a basis for global business to trust the country economically.
I appreciate President Ferdinand Marcos Jr.'s move to remove the Philippines from the FATF 'grey list' is a positive step for the country. It shows a commitment to fighting financial crimes and improving international standing. With 44 government agencies involved, this effort appears thorough. Addressing past money laundering issues is essential for economic stability and global reputation. I'm hopeful this initiative will yield positive results.
It's crucial for the Philippines to address money laundering concerns and enhance safeguards to meet international standards. President Marcos' initiative to reevaluate and improve the country's anti-money laundering measures is a significant step towards ensuring financial integrity and removing the country from the FATF's grey list. To improve the integrity of financial system and international reputation.
That was great! Seeing President Ferdinand Marcos Jr.'s proactive approach to addressing the Philippines' placement on the FATF 'grey list and resolve these issues and ensure adherence with international standards. Philippines is sending a strong signal of our security and safety. 🤗