EDITORIAL - Dirty money gray listSome progress has been made, but “strategic deficiencies” have kept the Philippines in a “gray list” of just 23 countries that are not doing enough to fight money laundering, terrorist financing and proliferation financing. The FATF returned the country to the gray list on June 25 this year. While the FATF noted some improvements, it cited several strategic deficiencies in the country’s AML/CFT efforts. Inclusion in the FATF gray list makes financial transactions more difficult. The Anti-Money Laundering Council has promised to address the strategic deficiencies within agreed timeframes, and has expressed confidence that the country will be out of the gray list by January 2023.

Source: Philippine Star October 24, 2021 00:54 UTC