THE PHILIPPINES must keep an eye on money laundering risks arising from online gaming and cryptocurrency, even after it has exited the dirty money watchdog’s “gray list,” an analyst said.
Choon Hong Chua, Moody’s head of financial crime practice group, Asia-Pacific and Middle East, said the Philippines’ removal from the Financial Action Task Force’s (FATF) gray list “reflects its commitment to strengthening its anti-money laundering (AML) and counter-terrorism financing (CTF) frameworks.”
“Exiting the gray list will boost investor confidence and financial stability. The Philippines has enhanced inter-agency coordination and has implemented comprehensive reforms,” he said.
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