Marcos administration, target na maalis ang Pilipinas sa grey list ng global money laundering ngayong taon
Marcos administration, target na maalis ang Pilipinas sa grey list ng global money laundering ngayong taon
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00:00 President Ferdinand R. Marcos Jr. is targeting the campaign against money laundering to remove the Philippines from the gray list of the Financial Action Task Force.
00:13 Alan Francisco has the story.
00:15 Since the Philippines is trying to leave the gray list of global money laundering this year,
00:22 that's the target of the administration of President Ferdinand R. Marcos Jr. in June 2021 to include in the list of Global Money Laundering and Terrorist Financing Watchdog,
00:33 the Financial Action Task Force, the Philippines in their gray list.
00:37 That's why in the sectoral meeting in Malacanang, said Anti-Money Laundering Council Executive Director Attorney Matthew David,
00:45 President Marcos has ordered the concerned government agencies to address the strategic deficiencies or ways to leave the country from the gray list.
00:55 All agencies have expressed, in fact, during the meeting, their commitment to address the deficiencies in our implementing measures to strengthen our AML/CTF or Anti-Money Laundering Combating Terrorism Financing System in the Philippines.
01:11 And everybody believes we are on the right track and the President has commended the work of different agencies of government.
01:23 For now, the Philippines has 8 action plans that need to be resolved to get rid of the gray list status.
01:30 The first is effective risk-based supervision of non-financial businesses and professionals, reducing the risk of casinos and junkets, and increasing access to beneficial ownership information.
01:44 The second is to increase the laundering and terrorism financing investigations and prosecution, and to strengthen cross-border measures in entry points in the country.
01:53 The FATF gives us ratings for each action items and most of these remaining 8 action items are still partly addressed.
02:03 And one is not yet properly addressed.
02:10 The most challenging action items regarding terrorism financing prosecution.
02:16 If not resolved, it will affect the delivery of OFWs, as well as the economy of the Philippines.
02:23 There are repercussions for being in the gray list because the longer we are in the gray list, the bigger the possibility or the higher risk that we will enter the black list.
02:32 Of course, we don't want to be in the blacklisted jurisdiction.
02:37 And if we will be in the blacklisted list, there are repercussions to that.
02:44 And one of the repercussions is the effect on our transactions of our OFWs.
02:50 It's basically, there's already a reputational risk on the Philippines, particularly on the economy.
02:57 It may affect our credit rating.
03:02 That's why the government is on track to resolve this issue.
03:06 Alan Francisco, for the people.