The International Monetary Fund has urged the Philippines to step up efforts to be taken out of the gray list of global dirty money watchdog Financial Action Task Force.
This file photo taken on January 26, 2022, shows the seal for the International Monetary Fund in Washington, DC.MANILA, Philippines — The International Monetary Fund has urged the Philippines to step up efforts to be taken out of the gray list of global dirty money watchdog Financial Action Task Force .
Two years after its inclusion, the Philippines was retained in the list of jurisdictions under increased monitoring in June as the country has yet to address eight of the 18 concerns. Other deficiencies include the demonstration that the effective risk-based supervision of designated non-financial business and professions is occurring, the enhancement and streamlining of law enforcement agencies’ access to beneficial ownership information and taking steps to ensure that beneficial ownership information is accurate and up-to-date, as well as the need to show an increase in the identification, investigation and prosecution of terrorist financing cases.
It pointed out that the term transactor is understood to mean any person, other than the account owner or holder who transacts business with a covered person. It added that the adoption of new technologies should not be an excuse for covered persons not to implement the relevant preventive measures against money laundering and terrorism financing.
According to a respected agricultural economist from Harvard, the good news is: “The world rice market has, so far, survived these severe shocks with heartening resilience and little panic.
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