The government of the Philippines has started drafting a new National Anti-Money Laundering and Counter-Terrorism Financing Strategy (NACS) in an effort to keep its status outside the Financial Action Task Force (FATF) grey list. With the tightening of the enforcement framework, casinos, real estate, and import/export businesses were flagged as high-risk sectors that must be
The government of the Philippines has started drafting a new National Anti-Money Laundering and Counter-Terrorism Financing Strategy (NACS) in an effort to keep its status outside the Financial Action Task Force (FATF) grey list.
With the tightening of the enforcement framework, casinos, real estate, and import/export businesses were flagged as high-risk sectors that must be closely monitored.
Philippine National Police Chief General Jose Melencio Nartatez Jr stated:
“We are ready to integrate our investigative powers with the AMLC in running after organized crime groups and syndicates, especially those involved in illegal drugs, smuggling, and cybercrimes.”
Nartatez added that inter-agency coordination will be improved through data sharing and joint operations in order to fight against “dirty money”, as the gambling industry has long been considered vulnerable to money laundering risks in the Philippines because of high cash volumes and cross-border transactions.
The NACS strategy is proposed from 2026 to 2030 and is expected to align law enforcement, financial regulators, and other agencies under a unified framework. The government and the police believe that international cooperation will play a big part in tracking illegal funds that enter or leave the Philippines, especially in cases connected to transnational crime syndicates.
The measures come as the FATF is supposed to evaluate how well the Philippines has implemented its recommendations connected to anti-money laundering and terrorism financing after deficiencies in regulating casinos and junket businesses were found during the last investigation.