OFWs may find it harder to send remittance if PH falls into FATF blacklist

[Mike J]

Not just OFWs would be affected.  Many, perhaps most, expats keep the majority of the financial assets in their home countries and transfer it here on an as needed basis. 

https://newsinfo.inquirer.net/1882764/ofws-may-find-it-harder-to-send-remittance-if-ph-falls-into-fatf-blacklist

MANILA, Philippines — Overseas Filipino Workers (OFW) may soon face higher difficulties in remitting money should the Philippines fall into the Financial Action Task Force’s (FATF) blacklist.

Executive Director Matthew David, of the Anti-Money Laundering Council (AMLC), on Tuesday said that the government is doing what it can to remove the Philippines from the grey list, which indicated that the country must step up efforts to combat money laundering and terror financing.

“We don’t want to be in the blacklisted jurisdiction. And if we will be in the blacklisted list, there are repercussions for that, and one of the repercussions is the effect on the transactions of our OFWs. Our OFWs usually send remittances here to their families here in the Philippines. If we will be blacklisted, we are not yet blacklisted, we are still greylisted right now, the FATF will impose countermeasures on the Philippines and international financial transactions of Filipinos abroad,” said David in a Palace briefing.

 

David cited some of these countermeasures as higher remittance fees, more stringent requirements, or the downright disapproval of transactions.

Some countries included in the FATF’s blacklist are Iran, Myanmar, and North Korea.

 

According to David, the FATF initially gave a deadline of January 2023, but it has yet to change the Philippines’ listing. David said that the government’s self-imposed deadline is January 2024.

The Philippines landed on the FATF’s grey list in 2021 after the international agency’s evaluation of the country’s measures against money laundering.

 

 

 

[Freebie]

Much of the reason for Philippines being in the "grey list " is because of casinos and the power they hold influentially /politically etc. Their ability and ways and means of money laundering is one of the prime reasons . Most of the other issues re FATF are apparently easy fixes, procedural changes etc.

[Possum]

The banks I deal with here already meet FATF white list requirements.

[hk blues]

The likelihood of being pit on the black list is small from what I've read.

That said, if it happens it will join an illustrious group of countries also blacklisted. 

Edited January 5 by hk blues

[Clermont]

Getting money out of Australia cheaply without hassle is a challenge at the best of times.

[craftbeerlover]

On 1/4/2024 at 7:35 AM, Mike J said:

in the FATF’s blacklist are Iran, Myanmar, and North Korea

Great company to be in.   Will this country ever fricken learn

[craftbeerlover]

22 hours ago, Freebie said:

Much of the reason for Philippines being in the "grey list " is because of casinos and the power they hold influentially /politically etc. Their ability and ways and means of money laundering is one of the prime reasons . Most of the other issues re FATF are apparently easy fixes, procedural changes etc.

POGO

[Avalon]

On 1/4/2024 at 4:27 PM, Clermont said:

Getting money out of Australia cheaply without hassle is a challenge at the best of times.

Use Wise.com to transfer to a bank here within hours for very low fees.   We have Aussie clients paying monthly either by Wise or bank transfers with zero issues.

[GeoffH]

Yes I use Wise on a regular basis without problems so far.