Tag: FATF

February 28, 2025

Ping Lacson: Removal from FATF Grey List to Bring in More Jobs

The Philippines’ removal from the Financial Action Task Force (FATF)’s grey list should bring in more jobs as investors become more confident in putting their money in the Philippines, former Sen. Panfilo “Ping” M. Lacson said Friday.

Lacson also credited the passage of the Anti-Terrorism Act of 2020 and the strengthening of the Anti-Money Laundering Act – which he authored, co-authored and/or sponsored – as well as the total ban on Philippine Offshore Gaming Operators (POGOs) for the removal from the grey list.

“When we are removed from the grey list, investors should become more confident in doing business here. Also playing a big role are the Anti-Terrorism Act’s provisions on terrorist financing and Anti-Money Laundering Act,” he said in Filipino, in an interview on Bombo Radyo.

“All these combined, plus the ban on POGOs, all had a role in our removal from the FATF grey list. And the positive effect is that investors are now more confident putting their money here,” he added.

Related: Ping Lacson: Dadami ang Trabaho Ngayo’y Wala na Tayo sa FATF Grey List

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February 23, 2025February 22, 2025

On the Philippines’ Exit from the FATF Grey List

Being the principal author of the Amended Anti Money Laundering Act and a longtime advocate of empowering the Philippine government to go after dirty money and punishing those responsible for having our country tagged as a haven for criminal elements involved in financial crimes and other related criminal activities, it is indeed a welcome development that after so many years since the passage of the law, we are now out of the FATF grey list.

Commendations are in order for this administration, particularly those who worked hard to accomplish this feat.

*****

June 28, 2021June 28, 2021

Lacson: Consistency vs Corruption to Restore Int’l Financial institutions’ Trust in PH

Showing consistency in fighting corruption will play a major role not only in restoring the trust of the Financial Action Task Force (FATF) and other international financial institutions, but can solve many other problems that beset our country even as we grapple with the effects of the pandemic, Sen. Panfilo M. Lacson said Monday.

Lacson said that while legislation against money laundering – especially of ill-gotten wealth – and terrorism financing is important, the key is the consistent implementation of existing laws.

“One of the reasons we were included in the FATF’s gray list in 2012 is that the FATF wanted us to address deficiencies in countering terrorist financing, among others. In response, Congress passed Republic Act 10168 or the Terrorism Financing Prevention and Suppression Act of 2012. This was further enhanced by RA 11479 or the Anti-Terrorism Act of 2020. This may, however, call for further measures such as amending our existing Bank Secrecy Act, to address a major source of corruption. What we need is to make it difficult, if not impossible, to hide or launder ill-gotten wealth. This would be a big deal in helping stop corruption,” he said.

Basahin sa TAGALOG: Ping, May Tip para Pilipinas ‘Di Uminit sa Mata ng mga Institusyong Pananalapi
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