Marcos Jr. wants to take Manila off money laundering blacklist

Among the priority commitments set for 2024 by the Philippine president is the adoption of the measures required by the Paris-based international body on financial transparency. A fundamental step for international relations, but also to facilitate the inflow of migrants' remittances.

Manila (AsiaNews) - The year that has just begun will be of great importance for the Philippines, also in terms of international relations. In particular, because of its territorial rivalry with China Manila needs to forge closer adherence to its commitments with diplomacies and organizations.

Among the priorities indicated by President Ferdinand Marcos Jr is the exclusion from the list of countries indicated as centers of money laundering and lacking in controls on terrorist financing.

This negative "qualification" risks not only conflicting with internal laws, but also putting the archipelago in a bad light at a time when the administration is trying to encourage investments and relationships.

In fact, the end of January deadline is approaching (an extension from the first of January 2023) indicated by the Fatf (Financial Action Task Force) which in June 2021 asked Manila to resolve the shortcomings found.

For Manila, respecting the requests of the Paris-based institution is also a necessity to make remittances easier for millions of Filipinos abroad as residents or migrants for work. In this sense, the clear invitation from the International Monetary Fund had arrived for a greater commitment to resolve the eight points still missing from the regularization program.

These include inadequate checks on casino irregularities and insufficient registration of non-financial ventures (e.g. jewelery stores) or professionals such as lawyers and accountants.

The FATF's insistence is first of all on a more precise identification and legal prosecution of money laundering and terrorist financing, which in the Philippines have taken root in parallel with the spread of criminal activities based on the use of social platforms, cryptocurrencies , gambling and other means.

The request for greater commitment launched by the Philippine president mainly concerns the Customs Bureau, the Philippine Society for Leisure and Gaming and the Anti-Terrorism Council, as well as obviously the Anti-Money Laundering Council.

In the archipelago there is strong resistance regarding anti-money laundering and anti-corruption laws and fierce lobbies are committed to opposing greater control over banking transactions.

This situation, the Philippine media recall today, has serious consequences. For example, it allowed as much as million withdrawn from the Bangladesh Central Bank's New York Federal Reserve account to disappear in 2016 after being diverted to two casinos and a tourism operator in the Philippines.

• Philippines
• Manila
• economy
• finance
• money laundering