The Department of Justice (DOJ) on Sunday welcomed the Philippines’ exit from an international body’s anti-dirty money “grey list”, saying prosecutors had a vital role in going after money launderers and terrorism financiers.
Justice Secretary Jesus Crispin Remulla personally commended Task Force on Anti-Money Laundering head Deputy State Prosecutor Deana Perez and Task Force on Terrorism Financing head Senior Assistant State Prosecutor Rex Guingoyon “for their vital role in levelling-up the investigation and prosecution of money launderers and terrorism financiers,” the DOJ said in a press release.
Paris-based Financial Action Task Force (FATF) announced early Saturday morning that the Philippines is no longer under increased monitoring for money laundering and countering financing of terrorism (AML/CFT).
The Philippines was included in the FATF grey list in June 2021. This meant the country was under strict monitoring due to money laundering and terrorism financing incidents. When the FATF places a nation under “grey list” or increased monitoring, it means that a country committed to resolve the identified strategic deficiencies within agreed timeframes.
“The FATF Plenary congratulated the Philippines for the positive progress in addressing the strategic anti-money laundering and countering the financing of terrorism and proliferation financing deficiencies previously identified during their mutual evaluations. The Philippines has completed their Action Plan to resolve the identified strategic deficiencies within agreed timeframes and will no longer be subject to the FATF’s increased monitoring process,” the international anti-dirty money body said.
The DOJ said Remulla earlier issued marching orders to zero in on financial and economic crimes.
“Roughly four years ago, the Philippines was included in the said “grey list” wherein our country has committed to resolve the identified strategic deficiencies in addressing the said financial crimes within agreed timeframes,” the DOJ said.
“The removal of the Philippines from the said list means that it has completed its 18 point Action Plan against money laundering and terrorism financing so it will no longer be subject to the FATF’s increased monitoring processes,” it added.
DOJ Undersecretary-in-Charge of the DOJ Law Enforcement Cluster and the National Prosecution Service (NPS) Jesse Hermogenes T. Andres also lauded the NPS for its work, saying “the prosecutors are a vital cog in the proactive effort in the investigation and prosecution of all forms of financial crimes to maintain the country’s financial integrity.”
Andres also thanked the Philippine National Police-Criminal Investigation and Detection Group (PNP-CIDG), National Bureau of Investigation, Philippine Drug Enforcement Agency (PDEA), Bureau of Customs, and agents from the National Intelligence Coordinating Agency (NICA), Intelligence Service of the Armed Forces of the Philippines (ISAFP) and Anti-Money Laundering Council (AMLC) who make up the Financial Intelligence, Law Enforcement and Prosecution Sub-Committee or FILEPSC for their efforts in addressing money laundering, terrorist financing and proliferation financing.
Malacañang on Saturday welcomed the FATF’s decision to remove the Philippines from its list of jurisdictions notorious for being safe havens of money laundering and terrorism financing.
“Our well-earned exit from the Financial Action Task Force’s (FATF) grey list boosts our drive to attract job-creating, growth-inducing foreign direct investments,” Executive Secretary Lucas Bersamin said in a statement.
In a statement, the AMLC also welcomed the Philippines’ removal from the FATF grey list, noting that such an inclusion was a “burdensome process for banks and other financial institutions” and “discourages correspondent banking relationships and international financial flows into the country.”
The AMLC said the country’s exit from being under increased monitoring for AML/CFT is seen to facilitate faster and lower-cost cross-border transactions, reduce compliance barriers, and enhance financial transparency. —KG, GMA Integrated News
