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  • Writer's pictureMelo Acuna

BSP optimistic PH will leave the list soonest

BSP reiterates commitment to strengthen banking system vs money laundering

MANILA – The Bangko Sentral ng Pilipinas said the remain focused in its fight against money laundering, terrorist financing, among others.

This was the BSP’s reaction to the country’s inclusion in the Financial Action Task Force (FATF)’s list of jurisdictions under increased monitoring,

In a statement released today, the BSP said the inclusion means that the country has committed to resolve the deficiencies identified as swiftly as possible, within the agreed timeframes.

A whole-of-country approach will be maintained to achieve the main goal of intensifying the country’s legal framework and implement mechanisms to effectively fight money laundering and financing of terrorism and the proliferation of weapons of mass destruction.

The BSP assured everyone of initiatives to strengthen the banking system’s framework and defenses against illegal activities.

“Through the years, the BSP has embarked on strategic initiatives that advance the knowledge and capabilities of our supervised framework, conducting regular and targeted awareness sessions for supervised financial institutions, issuing necessary regulations, reminders, guidance papers and anti-money laundering newsletters, performing thematic reviews and updating of sectoral risk assessment, among others,” the statement revealed.

It was learned the BSP has already strengthened engagement with supervised financial institutions, industry associations and other supervisors and relevant government agencies.

The BSP said the FATF has not issued a call for the application of enhanced due diligence measures to be applied to jurisdictions in the grey list but calls on members to take into account the information in their risk analysis. They also vowed to engage and provide necessary guidance and assistance to their supervised financial institutions to manage potential consequences.

The BSP expressed optimism their concerted and strategies efforts would result in the Philippines removal from the list at the earliest possible time. (Melo M. Acuna)

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