Philippines still has ‘deficiencies’ in money-laundering fight

While the Philippines has been able to "largely address” the Financial Action Task Force’s recommendations, there remain 18 points it must comply with to avoid sanctions.

MANILA: The Philippines has addressed most of an inter-governmental group’s recommendations to counter money laundering and terrorism financing but there are still deficiencies, the local watchdog said after the nation was placed under increased monitoring.

While the Philippines has been able to "largely address” the Financial Action Task Force’s recommendations, there remain 18 points it must comply with to avoid sanctions, the nation’s Anti-Money Laundering Council said in a statement on Saturday.