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Philippines risks being added to FATF 'gray list' despite progress, IMF warns

( April 12, 2021, 08:44 GMT | Official Statement) -- MLex Summary: The International Monetary Fund has warned the Philippines that it risks being added to the Financial Action Task Force's so-called "gray list" if it hasn't made sufficient progress on improving the effectiveness of its anti-money laundering regime by June. However, the IMF did acknowledge that a number of significant legislative measures were passed at the beginning of this year. The IMF said in a report on the country's financial system that it should also look to repeal its bank secrecy laws, ensure it maintains accurate data on companies' beneficial ownership, and resolve the conflicts of interest at the country's gaming regulator, PAGCOR, tied to its responsibilities for operating casinos and monitoring them for money-laundering risks.The full statement from the IMF follows and the report is attached. ...

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