By means of Luisa Maria Jacinta C. Jocson, Reporter
The Philippines are so far Follow his target to reach the “Gray List” of the Financial Action Task Force (FATF), by next month, the top of the Central BankFicial said.
When asked about the progress of the last steps of the country to leave the gray list, Bangko Sentral NG Pilipinas (BSP) Governor Eli M. Remolona, Jr. Business world That it has been “so far”.
The FATF recently closed his visit on site in the Philippines this month prior to his plenary meeting and meetings in February, which Mr Remolona will be present.
At his plenary meeting of October, the Fatf held the country on its list of jurisdictions under increased monitoring on “dirty money” risks.
The Philippines have been on the list for more than three years now or since June 2021.
However, the dirty money watchdog initially established that the country had considerably completed the recommended action items to improve its anti-money laundering practices and to prevent financing of terrorism (AML/CFT) regime.
The recent visit and assessment of the FATF was aimed at the progress and sustainability of AML/CFT reforms of FATF. This is usually the last step before it grants a country an exit from the list.
The anti-money laundering council said earlier that it was positive that the country will be able to leave the Dirty Money list this year because it has tackled the remaining shortcomings.
However, it called the need to maintain the progress of these reforms to ensure that the country stays out of the list.
Chester B. Cabalza, founder of the International Development and Security Cooperation established in Manila, said that the government should speed up its financial reforms to leave the list.
“In the event that it reaches the exodus of the gray list, to draw more investments and to be considered a respectable economy in the region, the Philippines is obliged to have a clear moniTRANSPORT AND INNOVATIVE ACTION ON ONLY YOU CAN SHOT FROM VIEW Without scar from his hits in Fatf, “he said.
Filomeno S. Sta. Ana III, coordinator of action for economic reforms, said that reforms should go beyond those recommended by the FATF.
“The biggest reform that can deter money and tax evasion is to lift the Bank Secrecy Act (BSA),” he said via Facebook Messenger.
“Bank Secretary legislation is a Jurassic Institution; Only countries that are money laundering, they have. But international pressure forces this limited number of countries to relax their laws. “
Nueva Ecija Rep. Rosanna “Ria” V. Vergara said that it has been part of the gray list for years “has significant consequences for our economy and citizens.”
“Although improved due diligence is not explicitly required by the FATF, it has resulted on the gray list in a decrease in foreign investments, reduced investor confidence and added financial burdens on Filipinos who work abroad.”
“Coming from the gray list would have a transforming impact. It would restore worldwide trust in the Philippines, stimulate economic growth and retreat foreign investors to our coasts, “she added.
This would also be cheaper for overseas Filipino employees (OFWs), because they are confronted with high transaction costs.
“As a result of the Fatf Gray list, they will eventually go to financial service providers (FSPs) that charge higher costs to send money,” said Mrs. Vergara.
“These FSPs use us on the list for the higher costs. By being removed from the gray list, our OFW FSPs can choose that do not charge exorbitant costs. “
Monitoring of financial risks should not only be limited to institutions, said Mrs. Vergara.
“Usually these unscrupulous people do not use finance authorities to do their illegal activities – casinos for one. So vigilance is required. “
“Legislation must be adopted to criminalize online scams. We need to identify and detect these illegal rings that often work outside our country and to cheat our people from their hard -earned money. “
Last year the Anti-Financial Account Scamming Act (AFASA) was signed in the law. It is intended to protect consumers against financial cyber crime by punishing violations.
In the meantime, the defense of NGOS alliance released into a statement about the “abuse of CFT measures and erosion of social space in the Philippines.”
It said that the government’s efforts to leave the gray list have led to “increasing judicial attacks on non -governmental organizations (NGOs) and People’s Organizations (POS).”
The group said that the implementation of the Government of FATF recommendations was used to “justify limiting measures against NGOs that it regards as critically about the government under the guise of terrorism.”
“Stricter limitations and regulations for NGOs disrupt their finances, activities and services. The research also indicates that weakened cases are that ‘paper compliance’ meets random quotas for leaving the FATF-gray list. “
Data from Defend NGOS Alliance showed that there are at least 69 development workers and 29 NGOs in the country tagged with charges with regard to terrorism.
In 2002, the FATF blacklisted the Philippines because he did not have a legal anti-money laundry work. It was removed from the blacklist a year later after the passage of the anti-money laundry practice.