PHILIPPINES: AML/CFT MUTUAL EVALUATION FOLLOW-UP REPORT

On 23 August, FATF-style regional body APG published the Second Follow-up Report on the Philippines following its mutual evaluation review report of October 2018.  As usual with such update reports, the report does not analyse any progress the Philippines has made to improve its effectiveness, looking only at technical compliance.  The new report says that the Philippines has made notable progress in addressing the technical compliance deficiencies identified in the MER of 2018 and, based on the Philippines requests for re-ratings, FATF Recommendations 4, 6, 7, 22, 23 and 24 have been re-rated to Largely Compliant.  Overall, in light of the progress made since its MER was adopted, the Philippines’ technical compliance with the FATF Recommendations is as follows as of the reporting date 1 February is as in the following schedule –

The follow-up report was adopted by the APG membership in July 2021.  In keeping with the APG third round procedures, the Philippines will move from enhanced (expedited) to enhanced follow-up status, and will continue to report back to the APG on progress to strengthen its implementation of AML/CFT measures.

http://www.apgml.org/includes/handlers/get-document.ashx?d=82c683a0-0576-4372-a14f-76de152697f1

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Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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