Philippines needs to step up anti-money laundering drive

Asia's Tech News Daily

THE Philippines, which remains on the “gray list” of countries regarded to be a risk to the international financial system, has nevertheless made progress in countering money laundering and terrorism financing despite the obstacles posed by the Covid-19 pandemic, according to the Financial Action Task Force (FATF).

The international policymaking body said in a report released on Friday that a gray-listed country is still under increased monitoring, but the government has pledged to resolve strategic inadequacies within specified timelines.

The FATF praised these nations for their accomplishments in combatting money laundering and terrorism financing.

“Since June 2021, when the Philippines made a high-level political commitment to work with the FATF and APG (Asia Pacific Group) to strengthen the effectiveness of its AML/CFT (anti-money laundering and counterterrorism financing) regime, the Philippines has taken steps toward improving its AML/CFT regime, by developing and implementing guidance on delistings and the unfreezing of assets for targeted financial sanctions related to PF (proliferation financing),” the task force said.

The Philippines should continue to carry out effective risk-based supervision of designated non-financial businesses and professions. It should also:

– Prove that its supervisors are using AML/CFT controls to mitigate risks associated with casino junkets

– Implement the new registration requirements for money or value transfer services and applying sanctions to unregistered and illegal remittance operators

– Enhance law enforcement agency access to beneficial ownership (BO) information and take steps to ensure that BO information is accurate and up-to-date

– Demonstrate an increase in the use of financial intelligence and an increase in money laundering investigations and prosecutions in line with risk

– Show an increase in the identification, investigation and prosecution of terrorist financing cases

– Demonstrate that appropriate measures are taken with respect to the nonprofit organizations (NPO) sector (including unregistered NPOs) without disrupting legitimate NPO activity

– Enhance the effectiveness of the targeted financial sanctions framework for both TF and PF.

The Philippines was put back in the gray list last June. As a result, it needs to implement 18 International Cooperation Review Group action plan items within the FATF’s timeframes.

This prompted the Anti-Money Laundering Council (AMLC) to call for a whole-of-government approach to completing the actions required to remove the Philippines from the list.

“It must be emphasized that accomplishing the action items should be the concern of the entire country,” Bangko Sentral ng Pilipinas Governor Benjamin Diokno, who is also the AMLC chairman, has noted.

He said the Philippines’ National Anti-Money Laundering and Counter-Terrorism Financing Strategy for 2018 to 2022 emphasizes the importance of a whole-of-government strategy.

Internet Explorer Channel Network
Asia's Tech News Daily
News Related

OTHER NEWS

Breaking News, Latest Updates Highlights of December 6

© Provided by Jagran English New Delhi | Jagran News Desk: In our today’s ‘Breaking News, Latest Updates’ blog at English Jagran, we will keep a tab on Russian president ... Read more »

10 Things in Politics: GOP has big plans to thwart Biden

Welcome back to 10 Things in Politics. Sign up here to receive this newsletter. Plus, download Insider’s app for news on the go — click here for iOS and here ... Read more »

Bill to correct drafting error in NDPS Act introduced in Lok Sabha

A bill was introduced in Lok Sabha to correct a drafting error in the Narcotic Drugs and Psychotropic Substances Act that rendered a key provision dealing with punishment of those ... Read more »

Centre expresses regret over Nagaland firing incident

Expressing regret over the Nagaland firing incident, Home Minister Amit Shah on Monday said that a probe by a Special Investigation Team (SIT) will be completed within a month and ... Read more »

Supreme Court restrains Mumbai Police from filing charge sheet against Param Bir Singh

© Provided by Jagran English New Delhi | PTI: The Supreme Court Monday allowed Mumbai Police to carry on the investigation against former police commissioner Param Bir Singh but restrained ... Read more »

Demand for AFSPA repeal renews after Nagaland incident: All you need to know about law

© Provided by Firstpost Demand for AFSPA repeal renews after Nagaland incident: All you need to know about law The killing of 14 civilians in Nagaland in a botched anti-insurgency ... Read more »

Battle of the soaps - Emmerdale crowned best drama by telly fans

Emmerdale has been crowned the best TV soap opera by loyal telly fans. The ITV show has won a slew of awards and nominations since it was first broadcast back ... Read more »

Franco Manca owner Fulham Shore shrugs off Covid hospitality rules to return to profit as sales double

© Provided by This Is Money MailOnline logo Restaurant operator Fulham Shore returned to profit in the first half of the financial year after seeing revenues double. Despite being affected ... Read more »

Alec Baldwin Deletes Twitter Account Following Tearful 'Rust' Interview

© Jason LaVeris – Getty Images Alec Baldwin has killed a cinematographer (Halyna Hutchins) and injured a director (Joel Souza) after firing a prop gun on the set of his ... Read more »

US man burns down his $1. 8 million house while trying to get rid of snakes. Full story here

This photo provided by the Montgomery County Fire Rescue Service shows the remains of a home that was heavily damaged by fire after the homeowner attempted to use smoke to ... Read more »

US trying to undermine S-400 deal with India: Russia

© Provided by Zee News Moscow: Russian Foreign Minister Sergei Lavrov said on Monday a deal to supply India with S-400 air defence missile systems was being implemented despite what ... Read more »

RRB NTPC CBT 1 Results tentatively by Jan 15 next year, CBT 2 schedule released

RRB NTPC CBT 1 Results date: The Railway Recruitment Boards has said that the results of the first stage computer based test (CBT-1) for recruitment to various NTPC graduate and ... Read more »

Azad's statements trigger anxiety among Congress leadership

© Provided by The Statesman Azad’s statements trigger anxiety among Congress leadership Veteran Congress leader Ghulam Nabi Azad has triggered anxiety in the party circles by not outrightly ruling out ... Read more »

CoCT willing to go to court to block govt from taking control of metro police

© Cindy Archillies/EWN. FILE: Law enforcement officials at the City of Cape Town Metro Police Training Academy. CAPE TOWN – City of Cape Town officials on Sunday said they would ... Read more »

TS CPGET Counselling 2021: Round-1 seat allotment result to be out today, here's how to check

TS CPGET Counselling 2021: Round-1 seat allotment result to be out today, here’s how to check TS CPGET counselling 2021: Osmania University, Hyderabad has started the Telangana State Common Post ... Read more »

Germany: Social Democrats announce ministers for new government

© Provided by dw.com Olaf Scholz (l) presented the SPD ministers on Monday The next German Chancellor Olaf Scholz threw a number of minor surprises as he nominated the Cabinet ... Read more »

BUSANI NGCAWENI: Professionalisation of the public sector must be sped up

© Catherine Rice/Eyewitness News Scores of Zimbabweans wait outside Home Affairs in Cape Town on 29 December 2016. OPINION Across the world, governments are continually seized with the issue of ... Read more »

Gig economy stocks plunge amid EU regulatory crackdown fears

© Reuters/Toby Melville FILE PHOTO: FILE PHOTO: A Deliveroo delivery rider cycles in London, Britain LONDON (Reuters) -Speculation that the European Commission is set to propose stricter labour rules to ... Read more »

Parti liar kolam renang, 305 dikompaun RM1.56 juta

© Provided by Free Malaysia Today Semua yang ditahan terdiri daripada 189 lelaki dan 110 wanita yang merupakan 216 pengunjung asing dan 87 pengunjung tempatan serta dua penganjur. (Gambar Facebook ... Read more »

Norway's Health Minister: There may be more and stricter measures this week

Minister of Health Ingvild Kjerkol (AP) is concerned about the omicron outbreaks. This weekend, intense work has been done to plan new measures. “I do not rule out that there ... Read more »

Former Today programme editor to join Channel 4 board amid privatisation battle

© Rick Findler/PA Wire Sarah Sands – Rick Findler/PA Wire The former editor of Radio 4’s Today programme has been recruited to the board of Channel 4 as the broadcaster ... Read more »

Everton vs Arsenal TV channel, kick-off time, live streams and team news

Everton are back in Premier League action on Monday night as they look to re-start their season against Arsenal. The Blues take on one of their former heroes at Goodison ... Read more »

Rafael unveils incredible Manchester United tattoo to seal cult hero status

Former Manchester United defender Rafael da Silva has had his love for the Reds sealed with a commemorative tattoo. The Brazilian full-back featured for United alongside twin brother Fabio as ... Read more »

London Sport Awards: ‘When Marcus Rashford is talking, about food poverty, it's about kids in our borough'

© Nahimul Islam nahimulislam0612a.JPG When we talk of the role that sport has played in helping people through this pandemic, it is often in relation to the elite: the return ... Read more »

Jodie Kidd engaged

© Bang Showbiz Jodie Kidd is engaged (c) Instagram Jodie Kidd has got engaged. The 43-year-old former model – who was previously married to David Blakeley for just four months ... Read more »

Old meets new inside D'Arcy Jones Architects' studio in Vancouver

Canadian practice D’Arcy Jones Architects has mixed modern additions with historical quirks inside its self-designed studio, which is housed within a century-old building in Vancouver. © Provided by Dezeen White ... Read more »

Spar stores forced to close for second day running due to ongoing IT outage across UK

Spar stores around the country have had to close due to an IT failure, the firm has said. Yesterday the convenience store chain was hit by a nationwide IT problem. ... Read more »

Analysis: Peru's Castillo plays whack-a-mole with crises as impeachment threat looms

© Reuters/POOL FILE PHOTO: 76th Session of the U.N. General Assembly in New York By Marco Aquino LIMA (Reuters) – Political crisis in brewing in Peru – yet again. The ... Read more »

Manchester United's next six fixtures compared to Premier League top four rivals

Successive wins for Manchester United has seen them fire their way back into the frame for the Champions League places. United kickstarted the Ralf Rangnick reign with a win as ... Read more »

Princess Charlotte receives personal mention from Shakira and it's so sweet

© Provided by Hello! princess-charlotte-shakira The Duke of Cambridge revealed his children’s favourite song as he appeared on the Time To Walk series for Apple Fitness+ – and the artist ... Read more »

Spielberg brings life-long fandom to reimagined 'West Side Story'

© Reuters/STEPHEN LAM FILE PHOTO: Director Steven Spielberg speaks during an Apple special event at the Steve Jobs Theater in Cupertino By Jill Serjeant LOS ANGELES (Reuters) – Steven Spielberg ... Read more »

Zendaya Reveals Big Plans for Chani in 'Dune: Part Two'

Denis Villeneuve’s long-awaited adaptation of the sci-fi series Dune crash landed into cinemas and living rooms in October, and the crowd went wild. Wild! In his review for US Esquire, ... Read more »

Storm Arwen: resident facing eleventh night without power has ‘no hope' left

© Niall Carson People in Northumberland face another night without power as a second storm is on the way (PA) A man whose home has been affected by power cuts ... Read more »

Who is Strictly's Rhys Stephenson's girlfriend as he makes rare mention of her

Rhys Stephenson and dance partner Nancy Xu wowed viewers with their passionate Argentine Tango during the recent Strictly Come Dancing quarter-final. Rhys, 28, and Nancy, 30, received a standing ovation ... Read more »

Ghum Hai Kisikey Pyaar Meiin MAJOR Spoiler alert: Pakhi manipulates Sai to NOT express her love to Virat

© Provided by BollywoodLife.com Ghum Hai Kisikey Pyaar Meiin starring Ayesha Singh, Neil Bhatt, Aishwarya Sharma and others is among the most liked shows of the Indian Television currently. With ... Read more »

ITV This Morning: Holly Willoughby shocks fans as she poses in sparkly outfit where the skirt costs £265 alone

Holly Willoughby has wowed fans yet again after posing in a sparkly outfit. The This Morning presenter, 40, often shares Outfit of The Day snaps on her Instagram page and ... Read more »

Vicky Kaushal wanted to keep his relationship with Katrina Kaif secret. Old interview goes viral

In an old interview with India Today, Vicky Kaushal opened up about rumours regarding dating Katrina Kaif. Vicky Kaushal and Katrina Kaif are gearing up for their big day. The ... Read more »

Woman reveals the correct way to decorate a Christmas tree quickly & you've definitely been doing it wrong

A WOMAN has revealed how she decorates her Christmas tree to ensure that it always grows brightly – and you have definitely been doing it wrong. TikTok user Kelly Fitzsimons ... Read more »

Ankita Lokhande shares glimpse of her pre-wedding festivities with beau Vicky Jain- WATCH!

© Provided by Zee News New Delhi: Bride-to-be Ankita Lokhande is all set to marry her longtime boyfriend Vicky Jain before the year ends and her pre-wedding festivities have already ... Read more »

PICS: Tom Holland & Zendaya can't take their eyes off each other at Spider-Man: No Way Home's London event

Spider-Man: No Way Home is all set to release on December 16 and ahead of the same, Tom Holland and Zendaya have been busy promoting the same. During their recent ... Read more »
On free-english-test.com you will find lots of free English exam practice materials to help you improve your English skills: grammar, listening, reading, writing, ielts, toeic