PH aims to be removed from ‘grey list’ of global money laundering in 2024

Transcript

00:00 The country has been in a ton of lists in international polls on a wide array of interests and subjects.

00:06 But this latest grey list is one the country has choose and cannot afford to be in

00:11 as our Alan Francisco dwells on the unenviable nature of the selection.

00:16 The Philippines will strive to remove itself from the grey list of global money laundering this year.

00:24 This is the goal of the administration of President Ferdinand R. Marcos, Jr.

00:28 The Philippines was included in the grey list of the Global Money Laundering

00:32 and Terrorist Financing Watchdog Financial Action Task Force in June 2021.

00:37 All agencies have expressed, in fact, during the meeting,

00:41 their commitment to address the deficiencies in our implementing measures

00:45 to strengthen our AML/CTF or Anti-Money Laundering Combating Terrorism Financing System in the Philippines.

00:54 And everybody believes we are on the right track and the President has commended the work of different agencies of government.

01:05 During a sectoral meeting at Malacanang, Anti-Money Laundering Council Executive Director Matthew David

01:11 stated that President Marcos has directed concerned government agencies to address strategic deficiencies

01:18 or ways to remove the country from the grey list.

01:20 At present, the Philippines has eight action plans that need resolution to address the grey list status.

01:27 These include effective risk-based supervision of non-financial businesses and professionals,

01:33 reducing risk associated with casino junkets, and strengthening access to beneficial ownership information.

01:40 There is also a need to enhance money laundering and terrorism financing investigations and prosecutions,

01:46 along with ensuring cross-border measures at the country's entry points.

01:50 The FATEP gives us ratings for each action item, and most of these remaining eight action items are still partly addressed.

02:00 And one is not yet properly addressed.

02:07 And the most challenging action item is regarding terrorism financing prosecution.

02:14 Failure to resolve these issues could impact remittances from overseas Filipino workers and the Philippine economy eventually.

02:21 There are repercussions for being in the grey list because the longer we are in the grey list,

02:25 the bigger the possibility or the higher risk that we will enter the black list.

02:30 Of course, we don't want to be in the blacklisted jurisdiction.

02:35 And if we will be in the blacklisted list, there are repercussions to that.

02:42 And one of the repercussions is the effect on our transactions of our OFWs.

02:48 It's basically there's already a reputational risk on the Philippines, particularly on the economy.

02:55 It may affect our credit rating.

03:00 Alan Francisco, for Dineshion.

03:02 shirt.