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Financial Action Task Force (FATF) Adds Philippines to Increased Monitoring List, Counter Money Laundering

28th June 2021 | Hong Kong

The Financial Action Task Force (FATF) has added 4 new countries including Philippines (Asia), to the list of jurisdictions with strategic deficiencies, that will be subjected to increase monitoring to counter money laundering, terrorist financing and proliferation financing.  The 4 countries Philippines, Malta, Haiti, and South Sudan has committed to resolve the deficiencies within agreed timeframes, and is subjected to increased monitoring.  21 countries including Cayman Islands, Panama, Malta, Mauritius, Cambodia, Myanmar and Pakistan are under the list of jurisdictions with strategic deficiencies while Ghana has been removed from the list.

 



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” Financial Action Task Force (FATF) Adds Philippines to Increased Monitoring List, Counter Money Laundering “

 

Jurisdictions under increased monitoring are actively working with the FATF to address strategic deficiencies in their regimes to counter money laundering, terrorist financing, and proliferation financing. When the FATF places a jurisdiction under increased monitoring, it means the country has committed to resolve swiftly the identified strategic deficiencies within agreed timeframes and is subject to increased monitoring. This list is often externally referred to as the “grey list”.

Proliferation financing refers to the act of providing funds or financial services which are used, in whole or in part, for the manufacture, acquisition, possession, development, export, trans-shipment, brokering, transport, transfer, stockpiling or use of nuclear, chemical or biological weapons and their means of delivery and related materials (including both technologies and dual use goods used for non-legitimate purposes), in contravention of national laws or, where applicable, international obligations. 

 

Jurisdictions with Strategic Deficiencies:
  • Barbados
  • Botswana
  • Burkina Faso
  • Cambodia
  • Cayman Islands
  • Haiti
  • Jamaica
  • Malta
  • Mauritius
  • Morocco
  • Myanmar
  • Nicaragua
  • Pakistan
  • Panama
  • Philippines
  • Senegal
  • South Sudan
  • Syria
  • Uganda
  • Yemen
  • Zimbabwe

 

Jurisdiction no longer subject to increased monitoring:
  • Ghana

 

Financial Action Task Force (FATF) Statement on 25th June 2021:

The FATF and FATF-style regional bodies (FSRBs) continue to work with the jurisdictions below as they report on the progress achieved in addressing their strategic deficiencies. The FATF calls on these jurisdictions to complete their action plans expeditiously and within the agreed timeframes. The FATF welcomes their commitment and will closely monitor their progress. The FATF does not call for the application of enhanced due diligence measures to be applied to these jurisdictions, but encourages its members and all jurisdictions to take into account the information presented below in their risk analysis.

The FATF identifies additional jurisdictions, on an on-going basis, that have strategic deficiencies in their regimes to counter money laundering, terrorist financing, and proliferation financing. A number of jurisdictions have not yet been reviewed by the FATF or their FSRBs, but will be in due course.

In October 2020, the FATF decided to recommence work, paused due to the COVID-19 pandemic, and to identify new countries with strategic AML/CFT deficiencies and prioritise the review of listed countries with expired or expiring deadlines of action plan items. The following countries had their progress reviewed by the FATF since February 2021: Albania, Barbados, Botswana, Cambodia, Cayman Islands, Ghana, Jamaica, Mauritius, Morocco, Myanmar, Nicaragua, Pakistan, Panama, Uganda, and Zimbabwe. For these countries, updated statements are provided below. Burkina Faso and Senegal were given the opportunity and chose to defer reporting due to the pandemic; thus, the statements issued in February 2021 for these jurisdictions are included below, but they may not necessarily reflect the most recent status of the jurisdiction’s AML/CFT regime. Following review, the FATF now also identifies Haiti, Malta, Philippines, and South Sudan.

The FATF welcomes the progress made by these countries in combating money laundering and terrorist financing, despite the challenges posed by COVID-19.

 

Related:

 


Financial Action Task Force (FATF)

The Financial Action Task Force (FATF) is an independent inter‐governmental body that develops and promotes policies to protect the global financial system against money laundering and terrorist financing. Recommendations issued by the FATF define criminal justice and regulatory measures that should be implemented to counter this problem. These Recommendations also include international co‐operation and preventive measures to be taken by financial institutions and others such as casinos, real estate dealers, lawyers and accountants. The FATF Recommendations are recognised as the global anti‐money laundering (AML) and counter‐terrorist financing (CFT) standard. 

Visit:  www.fatf-gafi.org



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