The government is determined to take steps to further improve the country's anti-money laundering and anti-terrorist financing regulations.
Presidential spokesman Harry Roque highlighted the government's action plan on strengthening financial system's legal framework after the Philippines was placed back in the list of countries under increased monitoring by the Paris-based Financial Action Task Force (FATF).
The country is among 22 nations with deficient anti-money laundering efforts, that increased the risk of “dirty money” transactions on trade and remittances. Manila was last placed on the grey list in 2013.
READ: PH back in ‘dirty money’ list
"At tayo naman po ay nangako na ipatutupad iyong ating action plan kasama po noong pag-amyenda ng passage ng anti-money laundering at saka CTF (Counter-Terrorism Financing) laws, iyong enhancement ng ating AML (Anti-Money Laundering) at CTF supervisory framework, reinforcement of money laundering and terrorism financing investigation and prosecution and campaigns to increase public awareness," Roque said during a televised press briefing Monday, June 28.
He made clear the country has not yet been slapped with sanctions but is merely under "increased monitoring."
"So, wala pa pong desisyon (there is no decision yet). They will monitor our progress. So we have not been put under negative list, pareho pa rin po tayo (we're still the same) but they want to see further improvements," he added.
READ: Duterte signs law amending Anti-Money Laundering Act
Last January, President Duterte signed Republic Act No. 11521 strengthening the country's anti-money laundering regulations.
The amended anti-money laundering law now covers real estate developers and brokers with single transactions involving an amount in excess of P7.5 million. Offshore gaming operators and their service producers are also included in the list of covered persons of the AMLA. The law also set the threshold for tax crimes to excess of P25 million.
The Anti-Money Laundering Council can impose targeted sanctions against the proliferation of weapons of mass destruction and its financing as well as apply for court summons, and search and seizure warrants.