President Ferdinand Marcos Jr. ordered the immediate implementation of the national strategy covering 2023-2027 in a bid to remove the Philippines from the grey list of the global money laundering and terrorist financing watchdog Financial Action Task Force (FATF).
The memorandum circular released Wednesday stated that the National Anti-Money Laundering, Counter-Terrorism Financing and Counter-Proliferation Financing Strategy 2023-2027 would"intensify and expedite efforts to address deficiencies identified by the FATF ICRG ."
The grey list groups countries under increased monitoring and which have committed to resolve within an agreed timeframe their specific deficiencies in addressing money laundering. - Demonstrate that supervisors use anti-money laundering and counter financing of terrorism controls to mitigate risks associated with casino junkets