Philippines needs to step up anti-money laundering drive

THE Philippines, which remains on the "gray list" of countries regarded to be a risk to the international financial system, has nevertheless made progress in countering money laundering and terrorism financing despite the obstacles posed by the Covid-19 pandemic, according to the Financial Action Task Force (FATF).

The international policymaking body said in a report released on Friday that a gray-listed country is still under increased monitoring, but the government has pledged to resolve strategic inadequacies within specified timelines.