BSP warns vs countries in FATF list

THE Bangko Sentral ng Pilipinas (BSP) told all its supervised financial institutions to consider the countries recently tagged by the Financial Action Task Force (FATF) in their respective risk analysis and mitigation strategies.

In a circular dated Nov. 7, the BSP said financial institutions must take into account FATF publications issued on Oct. 24 regarding high-risk jurisdictions subject to a call for action and under increased monitoring, and the continued membership suspension of the Russian Federation.

“BSFIs (BSP-supervised financial institutions) are likewise directed to regularly refer to the FATF’s website for the latest statements on high risk and other monitored jurisdictions and consider the same in their risk analysis and mitigation strategies,” it said.

In its latest publication, FATF told its member countries to implement countermeasures against money laundering and terrorism financing risks from blacklisted South Korea and Iran.

Meanwhile, member countries should enforce enhanced due diligence against risks from Myanmar, who is also on the blacklist, it added.

“For all countries identified as high risk, the FATF calls on all members and urges all jurisdictions to apply enhanced due diligence, and in the most serious cases, apply countermeasures to protect the international financial system from the money laundering, terrorist financing, and proliferation financing risks emanating from the country,” FATF said.

The anti-money laundering watchdog likewise affirmed the suspension of Russian Federation’s membership.

The Philippines exited the FATF’s gray list of jurisdictions under increased monitoring for “dirty money” in February. — Katherine K. Chan