A view of the International Monetary Fund headquarters building in Washington, DC, on October 20, 2024, ahead of the 2024 IMF/World Bank Annual Meetings. (Photo by Tierney CROSS / AFP)

MANILA, Philippines — The Philippine government has made significant progress in addressing money laundering and counter-terrorism financing, the International Monetary Fund (IMF) said.

“The authorities have made significant progress in addressing outstanding anti-money laundering and combating the financing of terrorism (AML/CFT) issues, which should continue,” the IMF said in a recent report.

Article continues after this advertisement

“The Financial Action Task Force’s (FATF) initial determination that the Philippines has substantially completed its action plan is welcome.”

FEATURED STORIES BUSINESS Restore Landbank, DBP capital, IMF urges gov’t BUSINESS Aboitiz, Ang and airports: Billionaires bet on aviation boom BUSINESS BIZ BUZZ: Aurora expands

The FATF is a global money laundering and terrorist financing watchdog.

READ: IMF calls for bank capital buildup in PH

Article continues after this advertisement

In a report released in October, the FATF said the Philippines has completed its action plan to address deficiencies that had kept the country in the watchdog’s “grey list” since June 2021.

Article continues after this advertisement

Countries and jurisdictions included in the FATF’s grey list are under “increased monitoring.”

Article continues after this advertisement

The FATF said the Philippines was able to address the eight remaining action plan items, which include the demonstration of effective risk-based supervision of Designated Non-Financial Business and Professions; use of anti-money laundering and counter-terrorism financing (AML/CTF) controls to mitigate risks associated with casino junket.

no deposit bonus casino

The country was also able to implement new registration requirements for Money or Value Transfer Services and sanctions for unregistered and illegal remittance operators.

Article continues after this advertisement

The FATF also cited the Philippines’ compliance with enhanced law enforcement authorities’ access to beneficial ownership information and keeping the BO information accurate and up-to-date.

Other fulfilled action plan items are the use of financial intelligence and an increase in money laundering investigations and prosecutions; an increase in the identification, investigation, and prosecution of terrorist financing (TF) cases; the implementation of appropriate measures for the non-profit organization sector; and enhancement of the targeted financial sanctions framework for both TF and proliferation financing.

“Going forward [and] keeping up with evolving FATF requirements will be important in the context of the next mutual evaluation in 2027,” the IMF said.

Your subscription could not be saved. Please try again. Your subscription has been successful.

Subscribe to our daily newsletter

SIGN ME UP

By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy.

It said reforming the bank secrecy law would also help strengthen AML/CFT effectiveness and enhance the Bangko Sentral ng Pilipinas’ supervisory powers.

READ NEXT Jhaena Jewels host the first jewel party in the Philippines Restore Landbank, DBP capital, IMF urges gov’t EDITORS' PICK Yearend Special: 2024 is K-pop’s messiest year yet Restore Landbank, DBP capital, IMF urges gov’t Pope calls for ‘arms to be silenced’ in Christmas appeal Road to absolute freedom for Mary Jane Veloso is ‘quiet’ – lawyer Denise Julia threatens legal action vs Killa Kush over podcast drama MOST READ Comelec defends nuisance candidate rulings, says due process upheld Ellen Adarna loses cool at basher who criticized her family's Christmas photo MMFF 2024: Change in viewer behavior, word of mouth come into play Marcos OKs laws declaring special holidays in 9 areas Follow @FMangosingINQ on Twitter --> View comments

The DA intends to run the TRO as “a specialized and dedicated office” to comply with the legal and administrative requirements and enhance its capacity to address trade remedy matters.

In a commentarydiamond game, Japanese investment bank Nomura said the Philippines and India are the least exposed to China growth—which can get a boost from Chinese authorities’ recent policy blitz—due to the two nations’ “weak trade and investment linkages” with Beijing.