The Philippines’ Anti-Money Laundering Council (AMLC) says the country’s government has “reaffirmed its steadfast commitment to bolstering the effectiveness” of the nation’s anti-money laundering (AML) regime and combatting the financing of terrorism (CFT).

“Key government agencies have rallied behind these directives,” said the AMLC in a Friday statement, including “implementing AML/CTF controls to manage risks linked with casino junkets”.

In October, the Financial Action Task Force (FATF) urged the Philippines to “swiftly implement” its action plan to address existing “strategic deficiencies” regarding AML and CFT.

The Philippines remains on FATF’s “grey list” of jurisdictions it thinks need increased monitoring regarding financial-crime risk. The Philippines was added to the “grey list” in June 2021.

In its latest report, the FATF acknowledged that, since June 2021, the Philippines had “taken steps” towards improving its AML/CFT regime. But the FATF listed some areas where more should be done to address the country’s “strategic deficiencies” in those matters.

Among the recommendations, the international body said again the Philippines had to demonstrate that it was making use of AML and CFT controls “to mitigate risks associated with casino junkets”.

In January, the governor of the Philippine central bank said the country has been given a one-year extension – until January 2024 – to meet the financial standards needed to get off the risk list of the FATF.

In Friday’s statement, the AMLC highlighted that the nation’s relevant agencies remained “dedicated to swiftly and effectively implementing the outstanding action plans,” despite the “lapse of January 2023 deadlines” agreed with the FATF.

“The relevant agencies’ commitment extends beyond timelines, focusing on establishing a robust and compliant AML/CTF framework in the Philippines,” it added.

The AMLC also called on the country’s private sector “to continue contributing” towards efforts to exit the FATF’s “grey list”.