{"id":5697,"date":"2024-12-04T17:46:28","date_gmt":"2024-12-04T16:46:28","guid":{"rendered":"https:\/\/wsj-crypto.com\/?p=5697"},"modified":"2024-12-04T17:46:28","modified_gmt":"2024-12-04T16:46:28","slug":"philippines-challenges-in-combating-money-laundering-intensify","status":"publish","type":"post","link":"https:\/\/wsj-crypto.com\/index.php\/2024\/12\/04\/philippines-challenges-in-combating-money-laundering-intensify\/","title":{"rendered":"Philippines&#8217; Challenges in Combating Money Laundering Intensify"},"content":{"rendered":"<p><\/p>\n<p class=\"p3\">By <b>Luisa Maria Jacinta C. Jocson, <\/b><i>Correspondent<\/i><\/p>\n<p class=\"p5\">THE PHILIPPINES\u2019 POSITION in a worldwide anti-money laundering ranking deteriorated as its standing dropped to the 49<sup>th<\/sup> slot out of 164 nations.<\/p>\n<p class=\"p6\"><span class=\"s1\">This development came as President Ferdinand R. Marcos, Jr. on Wednesday highlighted the Philippines\u2019 \u201cadvancement towards exiting\u201d the Financial Action Task Force\u2019s (FATF) \u201cgray list.\u201d<\/span><\/p>\n<p class=\"p6\"><span class=\"s2\">\u201cThis is an extremely crucial issue,\u201d Mr. Marcos remarked during a speech at the 33<sup>rd<\/sup> regular assembly of the Anti-Terrorism Council, according to a transcript from his of<\/span><span class=\"s3\">f<\/span><span class=\"s2\">ice.<\/span><\/p>\n<p><a title=\"Philippines worsens in the Anti-Money Laundering Index\" href=\"https:\/\/www.flickr.com\/photos\/142608056@N02\/54182933444\/in\/dateposted\/\" data-flickr-embed=\"true\"><\/a><\/p>\n<p class=\"p6\">\u201cI understand that it\u2019s not widely discussed in public, but nonetheless, as a barrier to the ongoing evolution of our economy, and our position in the global arena, this, our departure from the gray list is an essential progress,\u201d he further stated.<\/p>\n<p class=\"p6\">The Philippines aims to exit the FATF\u2019s gray list of jurisdictions under heightened scrutiny for \u201cdirty money\u201d threats by February. It has remained on this gray list for over three years, since June 2021.<\/p>\n<p class=\"p6\"><span class=\"s1\">In the most recent Basel Anti-Money Laundering (AML) Index published by the Basel Institute on Governance, the Philippines achieved the 49<sup>th<\/sup> position with an overall score of 5.84 (out of 10). This is a decline from its previous rank of 53<sup>rd<\/sup> out of 152 jurisdictions, with an overall score of 5.64.<\/span><\/p>\n<p class=\"p6\">The index evaluates a jurisdiction based on its money laundering and terrorist <span class=\"s4\">financing risks and its capability to combat them. It <\/span>utilizes a 0-10 scoring system, where a score of 10 signifies the highest risk level.<\/p>\n<p class=\"p6\">Myanmar was at the top of the Basel AML index with a score of 8.17, followed by Haiti, Democratic Republic of the Congo, Chad, and Venezuela.<\/p>\n<p class=\"p6\">The Philippines\u2019 score was higher than the global average of 5.30.<\/p>\n<p class=\"p6\">\u201cConcerns regarding financial transparency remain the primary vulnerability in this region, with over half of the jurisdictions recording a high risk score in the Financial Secrecy Index,\u201d the report highlighted.<\/p>\n<p class=\"p6\"><span class=\"s1\">In the East Asia and the Pacific region, Myanmar held the highest score, followed by Lao PDR (6<sup>th<\/sup>), China (11<sup>th<\/sup>), Vietnam (15<sup>th<\/sup>), Cambodia (21<sup>st<\/sup>), <\/span><span class=\"s5\">Solomon Islands (35<sup>th<\/sup>) and Thailand (39<sup>th<\/sup>).<\/span><\/p>\n<p class=\"p6\">The weakest area in East Asia and the Pacific demonstrates shortcomings in financial transparency and standards, it noted.<\/p>\n<p class=\"p6\">It pointed out low effectiveness ratings regarding beneficial ownership transparency; the investigation, prosecution, and penalties of money laundering crimes; and efforts to prevent the proliferation of weapons of mass destruction.<\/p>\n<p class=\"p6\">\u201cNearly half of the jurisdictions receive high risk ratings for fraud and financial offenses,\u201d it noted.<\/p>\n<p class=\"p6\"><span class=\"s2\">Conversely, the countries that received the lowest risk scores were San Marino (2.96), Iceland (3.00), Finland (3.07), Estonia (3.16), and Andorra (3.29).<\/span><\/p>\n<p class=\"p6\"><span class=\"s5\">Experts remarked that the Philippines still has considerable work ahead to enhance its money laundering\/terrorist financing frameworks.<\/span><\/p>\n<p class=\"p6\">\u201cIt is quite ironic that despite all the discussions around the Philippines exiting the gray list, global perception suggests that issues of money laundering and associated governance challenges have deteriorated,\u201d commented Filomeno S. Sta. Ana III, a coordinator at Action for Economic Reforms.<\/p>\n<p class=\"p6\">During its October plenary session, the FATF retained the country on its list of jurisdictions under increased surveillance for dirty money risks.<\/p>\n<p class=\"p6\">Nonetheless, the FATF indicated it had determined that the Philippines has \u201csubstantially completed\u201d the recommended action items aimed at enhancing its anti-money laundering and counter-terrorist financing strategy.<\/p>\n<p class=\"p6\">\u201cPhilippine officials and their supporters believe that merely establishing technical standards would suffice for us to be removed from the gray list. However, what truly counts is the authentic compliance with regulations,\u201d stated Mr. Sta Ana.<\/p>\n<p class=\"p6\">Chester B. Cabalza, founding president of International Development and Security Cooperation based in Manila, emphasized that the country must \u201cexhibit consistency and transparency\u201d in its efforts to exit the gray list.<\/p>\n<p class=\"p6\">\u201cWe possess legal frameworks to support and fortify our institutions. The Philippines must rigorously implement them and prosecute offenders to enhance compliance,\u201d he added.<\/p>\n<p class=\"p6\">Antonio A. Ligon, a law and business educator at De La Salle University in Manila, remarked: \u201cThe nation needs to diligently apply the anti-money laundering regulations. It is vital to implement robust monitoring measures.\u201d<\/p>\n<p class=\"p6\"><span class=\"s5\">The FATF is scheduled to perform an onsite evaluation in the Philippines to assess the progress of its action plan and implementation of reforms, which is expected to occur early next year.<\/span><\/p>\n<p class=\"p6\">However, the Basel report also pointed out that moving off the gray list is merely one milestone in a nation\u2019s anti-money laundering endeavor.<\/p>\n<p class=\"p6\">\u201cBeing delisted is indeed a moment for celebration and optimism, but it does not signify the conclusion of the journey. FATF standards continue to evolve and strengthen, necessitating jurisdictions to perpetually enhance their efforts to keep pace.\u201d<\/p>\n<p class=\"p6\"><span class=\"s5\">\u201cEvading or graduating from the gray list represents just one phase in an ongoing quest for a robust system that effectively combats money laundering and associated risks while ensuring financial inclusion and innovation remains unimpeded,\u201d it concluded.<\/span><\/p>\n<p><br \/>\n<br \/><a href=\"https:\/\/www.bworldonline.com\/top-stories\/2024\/12\/05\/639403\/phl-worsens-in-anti-money-laundering-index\/\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Luisa Maria Jacinta C. Jocson, Correspondent THE PHILIPPINES\u2019 POSITION in a worldwide anti-money laundering ranking deteriorated as its standing dropped to the 49th slot out of 164 nations. This development came as President Ferdinand R. Marcos, Jr. on Wednesday highlighted the Philippines\u2019 \u201cadvancement towards exiting\u201d the Financial Action Task Force\u2019s (FATF) \u201cgray list.\u201d \u201cThis<\/p>\n","protected":false},"author":3,"featured_media":5698,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[25],"tags":[290],"class_list":{"0":"post-5697","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-economy-and-markets","8":"tag-return-a-list-of-comma-separated-tags-from-this-title-phl-worsens-in-anti-money-laundering-index"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Philippines&#039; Challenges in Combating Money Laundering Intensify - WSJ-Crypto<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/wsj-crypto.com\/index.php\/2024\/12\/04\/philippines-challenges-in-combating-money-laundering-intensify\/\" \/>\n<meta property=\"og:locale\" content=\"it_IT\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Philippines&#039; Challenges in Combating Money Laundering Intensify - WSJ-Crypto\" \/>\n<meta property=\"og:description\" content=\"By Luisa Maria Jacinta C. Jocson, Correspondent THE PHILIPPINES\u2019 POSITION in a worldwide anti-money laundering ranking deteriorated as its standing dropped to the 49th slot out of 164 nations. This development came as President Ferdinand R. 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