The Financial Action Task Force (FATF) saw inadequacies in the Philippine’s existing laws against money laundering and terrorism, and recommended actions, including amendments to the Human Security Act of 2007.
These recommendations were proposed as amendments to the Human Security Act, the AMLC said, and later incorporated in the Anti-Terrorism Act of 2020, which now awaits the President’s signature.
“If any or all of the proposed amendments are not passed and not implemented within the observation period, the country will be included in the FATF ICRG gray list, which will publicly identify the Philippines as a risk to the international financial system for having strategic deficiencies in its [anti-money laundering and counter-terrorism financing] framework,” the AMLC said in a statement.
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