Money laundering policy: Philippines on the gray list again

The Financial Action Task Force (FATF), an international terrorist watchdog, has once again placed the Philippines on a gray list due to policies and laws related to money laundering and terrorist financing. As a result, the Philippines will face huge losses in international trade and investment. This information came up in a report of the media Inquirer of the Philippines on Sunday.

The country’s Anti-Money Laundering Council (AMLC) said in a statement on Saturday that the Philippines would have to take 16 measures to be removed from the list.
Haiti, South Sudan and Malta are also on the FATF’s gray list. A total of 22 countries have been monitored in this list. The FATF is an intergovernmental organization. It was established in 1989 at the initiative of G-7. The agency has been working to prevent money laundering and terrorist financing.

The FATF has dropped Ghana from the gray list this year. However, the company’s black list has not changed yet. The list still includes Iran and North Korea.

The Philippines was first included in the FATF gray list in 2000. The Philippines was able to emerge from the FATF’s gray list in 2005 by formulating effective policies and taking action accordingly. The Philippines is at risk of being blacklisted by the FATF once again in 2012. However, they are able to cut it by adopting various policies.

On February 4, 2016, hackers removed ৮ 81 million from the Federal Reserve in New York. The North Korean-based hacker group The Lazarus used the Philippine banking system as a channel to divert the money. The Philippines is in danger of being blacklisted by the FATF after that incident. Later, the Philippine government instructed that migrant workers from 16 countries or regions of the world could not send money through their country’s companies to banking channels.

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