Despite missing its exit from the Financial Action Task Force’s (FATF) gray list, the Bangko Sentral ng Pilipinas (BSP) is still bent on accomplishing this by January 2024. Know more:
DESPITE missing its exit from the Financial Action Task Force’s gray list, the Bangko Sentral ng Pilipinas is still bent on accomplishing this by January 2024.
The FATF flagged the country for supposed inadequacies in the effectiveness of the targeted financial sanctions framework for both terrorism financing and proliferation financing. Medalla said one country, Pakistan, was only able to exit the gray list after hiring 3,000 more workers to follow up all the investigations and file cases on terrorist financing.
Earlier, Medalla said the main challenge in exiting from the gray list is enforcement since the country has already passed the necessary legislation, except for the amendment of the Bank Secrecy Law.
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