Phl compliance with FATF action plans likely this year

The Anti-Money Laundering Council (AMLC) is optimistic that the Philippines will complete all three remaining action items from the Financial Action Task Force this year, triggering the country's exit from the FATF's gray list.

- KEISHA TA-ASAN

In an email interview, the AMLC told The STAR that the Philippines needs to address the remaining three action plan items to exit the gray list, and the FATF will look into whether the measures implemented will be able to produce sustainable results.

"With the continued contributions and strong participation of all relevant government agencies, we are optimistic that the Philippines will be able to accomplish all remaining action plans within the year. This will then trigger the exit process for the Philippines," the AMLC said.

In its June update, the FATF retained the Philippines on its gray list for the third straight year as the country has yet to adequately address the gaps in its regime to counter money laundering as well as terrorist and proliferation financing.