APG cites RP anti-money laundering scheme

The Asia Pacific Group for Anti Money Laundering (APG) has endorsed the Philippines’ anti money laundering implementation plan as a model for other Asian countries, boosting the country’s chances for its removal from the blacklist of the Paris-based Financial Action Task Force (FATF).

The Anti Money Laundering Council (AMLC) revealed yesterday that the APG has formally requested for permission to distribute the Philippine implementation plan which has been hailed as "outstanding and very satisfactory" during the group’s recent annual meeting in Macau.

The APG and the FATF are distinct organizations against anti-money laundering but the APG is ahead on its evaluation of the Philippines’ compliance with their requirements.

The APG evaluation team is currently in the country for an on-site review of the country’s compliance while the FATF is scheduled to send its own review team only later in the year or possibly early next year.

AMLA executive director Vic Aquino said that if the APG review team gives a positive recommendation, the FATF might not have to send its own team to conduct a separate evaluation of Philippine compliance with FATF requirements.

"The FATF generally refers to the regional organizations so the report of the APG evaluation team will be given weight," Aquino said.

Aquino added it was a good indication that the APG itself has a "strongly positive response" to the Philippine implementation plan. He said this was one of the strong points in the Philippine effort to be removed from the FATF’s list of non-cooperative countries and territories (NCCTs).

In a letter to the AMLA, APG project officer David Shannon said it was initially the US delegations’ recommendation that the Philippine implementation plan be shared with other APG members in a similar situation as the Philippines.

According to Shannon, the APG has already received a request from the Indonesian financial intelligence unit for a copy of the Philippine plan.

"Indonesia is in the process of undertaking operational and implementation planning for the coming 12 months through a series of internal workshops," Shannon said in the letter. "If acceptable, it is proposed that Indonesia refer to the Philippine implementation plan as a guide in planning their own implementation process."

Shannon also requested permission to directly transmit the Philippine plan to "other APG members who may have need for similar information and guidance."

Aquino expressed confidence that the APG’s endorsement of the Philippine plan was a seal of good housekeeping and indicated strong possibilities that the Philippines would get high marks when the APG evaluation team concludes its on-going review.

Aquino said the results of the APG evaluation would be submitted by to the APG members when it holds its January plenary session in Seoul, South Korea.