The Philippines has made good progress in its fight against money laundering and terrorist financing activities from when the authorities in Manila last discussed the subjects with the Paris-based Financial Action Task Force (FATF), Bangko Sentral ng Pilipinas governor Eli Remolona said on Monday.
At the economic forum the Economic Journalists Association of the Philippines (EJAP) co-hosted with the San Miguel Corporation (SMC) at the Ayuntamiento in Intramuros, Remolona said fulfilled 15 of the 18 so-called action items the Philippines must pass muster to be stricken off the FATF’s greylist of countries.
Countries under that list undergo increased scrutiny in all aspects of financial dealings with the rest of the world, making such transactions not only cumbersome for commercial entities or individuals but also more expensive. A delisting from that list, therefore, had been foremost in the minds of the country’s finance and monetary officials like Remolona.
He said such issues as loose monitoring of junket tours happening at the gaming houses licensed by the Philippine Amusement Gaming Corporation (Pagcor), problematic in the recent past, have been effectively addressed by gaming authorities.
“Pagcor is working on it,” Remolona said of the heightened response on gaming tours sponsored by junket operators that have been noted by the FATF.
As a consequence of the country’s response to the FATF action list, discussions with a delegation visiting Manila in October this year will determine whether the Philippines exits from the grey list or remain in it still.
“In October they decide whether we have fulfilled the 18 action items and then between October and January next year they will check. If it works out, we exit in January,” Remolona said.
