MANILA, Philippines — The global Financial Action Task Force (FATF) has again included the Philippines in its “grey list” of countries under increased monitoring because of its policies and laws on money laundering and financing of terrorism. The FATF also included Haiti, South Sudan and Malta in the grey list, bringing to 22 the number of nations under increased monitoring by the intergovernmental watchdog, which was created in 1989. ADVERTISEMENTThe FATF also removed Ghana from its grey list and did not change its “blacklist” of countries that includes only Iran and North Korea. On the other hand, inclusion in the grey list of “other monitored jurisdictions” usually means a country will have to substantially comply with recommended reforms within a given time frame before the imposition of financial sanctions. The FATF first blacklisted the country as a “noncooperating country or territory” in 200o before it started releasing a “grey list” in 2012.

Source: Philippine Daily Inquirer June 26, 2021 21:11 UTC