PH escapes inclusion in FATF blacklist

From Rappler (Oct 20): PH escapes inclusion in FATF blacklist

The Philippines has again escaped inclusion in the Financial Action Task Force (FATF) blacklist despite having failed to pass a third batch of amendments to the Anti-Money Laundering Act (AMLA). "We were informed that because of the efforts of our Anti-Money Laundering Council (AMLC), the FATF spared the Philippines from being blacklisted," Deputy Presidential Spokesperson Abigail Valte said over radio dzRB. Valte however said that the country was still included in the gray list, two notches higher than the blacklist. Valte said Philippine officials briefed FATF officials on current efforts to pass a third measure to amend the AMLA that is required for the country "to avoid being downgraded." According to Valte, FATF recognized these efforts and "instead kept us in the gray list but urged us also to adopt the third measure for us to be compliant with international standards...."

http://www.rappler.com/nation/14536-ph-escapes-inclusion-in-fatf-blacklist