DOJ highlights efforts leading to FATF removal

THE Department of Justice (DOJ) under Secretary Jesus Crispin Remulla, highlighted the efforts undertaken by his department that finally enabled the country to be de-listed from the ‘Grey List’ of the Paris-based Financial Action Task Force (FATF), the global money laundering and terrorist financing watchdog.

In a statement, Remulla noted the government conducted 1,816 investigations on terrorism financing (2020 to 2024) and 13,799 on money laundering (2021 to 2024).

These resulted to 71 arrests connected to terrorism financing activities and the filing of 237 terrorism financing complaints leading to the conviction of six of the accused for 114 counts of terrorism financing.

On the other hand, 794 individuals were investigated for money laundering while 2564 have been filed with the DOJ’s Financial Investigation and Litigation Enhancement and Prosecution Support Center (FILEPSC).

“These milestones serve as a powerful reminder that justice can be attained through perseverance, commitment and unity,” Remulla said.

Representatives from the FATF were in the country last month to review the country’s performance in the global fight against money laundering and terrorism financing. Eliza de Anda Madrazo, FATF president, announced the Philippines’ removal from the Grey List at the conclusion of the FATF plenary session held at its headquarters from February 17 to February 20.

“The plenary agreed to take the Philippines off the grey list in recognition of the completion of their action plan,” Madrazo announced.

“Amongst other efforts and results, the Philippines is now actively combating the risk of dirty money flowing through casinos in the country,” she added.

The removal from the grey list signals that the Philippines has addressed strategic deficiencies, including ensuring effective risk-based supervision of designated non-financial businesses and professions, implementing tighter controls on casino junkets, and enforcing new registration requirements for money transfer services, the FATF added in a statement.

The country’s removal from countries subject to increase scrutiny and monitoring by the FATF would also be a boon to the millions of Filipino overseas workers as their remittances to their families back home would no longer be in danger of being seized on mere suspicion by the authorities.

Executive Secretary Lucas Bersamin, chairman of the National AML/CFT Coordinating Committee, also welcomed the FATF’s decision.

“This recognition affirms that the Philippines’ AML/CTF/CPF (counter proliferation financing) framework aligns with global standards.

“It supports our vision to enhance economic competitiveness for the benefit of our people.

“Our well-earned exit from the Financial Action Task Force’s grey list boosts our drive to attract job-creating, growth-inducing foreign direct investments,” he added.