The Anti-Money Laundering Council (AMLC) said the Philippines will continue to effectively address all of its anti-money laundering and counter-terrorism financing (AML/CTF) shortcomings.

The country’s financial intelligence unit issued a statement over the weekend reaffirming the country’s firm and high-level political commitment to implementing the International Co-operation Review Group (ICRG) action plans in a timely way.

The ICRG investigates high-risk nations and gives suggestions on how to handle money laundering and terrorism financing problems, according to the AMLC.

The Philippines’ National Anti-AML/CFT Strategy for 2018 to 2022, or NACS, was acknowledged by the Financial Action Task Force (FATF) Plenary on June 23 as having taken into account all of the suggestions in the country’s mutual evaluation report (MER).

The AMLC said, “The NACS is currently being updated to integrate the ICRG action plans to ensure a whole-of-government approach.”

The National AML/CFT Coordinating Committee (NACC) is in responsibility of putting the NACS into action, it stressed. The NACC has several committees made up of officials from various government and law enforcement agencies. The action plans of the NACS are largely carried out by the various committees.

Amending and passing AML/CTF laws, upgrading the AML/CTF regulatory framework, boosting money laundering and terrorism financing investigation and prosecution, and public awareness programs are all part of the action plans.

“Through the cooperation of all government relevant government and law enforcement agencies concerned, the Philippines was able to largely address the MER recommendations from 70 down to 18,” the AMLC also highlighted.

Given the Philippines’ recent designation as a “Jurisdiction under Increased Monitoring” for serious AML/CTF deficiencies, it said the commitment of the relevant government and law enforcement agencies to implement the 18 action plans within the prescribed timelines will be critical to the country’s removal from the list.

The AMLC, on the other hand, emphasized that just because the Philippines has been designated as a “Jurisdiction under Increased Monitoring” with serious AML/CTF weaknesses does not mean that countermeasures will be implemented.

“It is only when the country fails to meet the deadlines will the FATF call on countries to impose countermeasures against the Philippines. Hence, all government agencies involved should deliver expected outputs on the action plans pertaining to them,” it added.