A statement from the Philippine Anti-Money Laundering Council said the government agency was "committed" to helping "strengthen the country's anti-money laundering and countering the financing of terrorism (AML/CFT) regime," including "reducing risks for casino junkets."

Tuesday's update said this was "consistent with the goals of the country's leader, President Ferdinand Marcos Jr."

The announcement comes ahead of the fifth plenary meeting of international anti-money laundering regulator the Financial Action Task Force (FATF) in Paris, France. Meetings are held from Wednesday to Friday (inclusive).

A press release from the FATF said agenda items include "progress made by a number of jurisdictions identified as posing risks to the global financial system."

The Philippines remains on the FATF's "grey list," which it sees as needing to strengthen monitoring of financial crime risks. The country was placed on the "grey list" in June 2021.

In October, the FATF urged the Philippines to "expeditiously implement" its action plan to address "strategic deficiencies" in anti-money laundering and countering the financing of terrorism.

An update from the country's anti-money laundering committee on Tuesday said the efforts were discussed at a meeting of "regulators, regulators, prosecutors and law enforcement agencies" on February 7.

“Through collaboration across agencies, we are strengthening our resolve to address the remaining action plan items recommended by the FATF and report to the President on progress,” said Matthew David, Executive Director of the AMLC Secretariat.

The press release added that "cooperative efforts by government agencies have improved compliance among designated non-financial businesses and professions, reduced risks for casino junkets and created a stronger database of beneficial ownership information".

It further said: “The Philippines has also improved the implementation of cross-border currency declaration measures and strengthened anti-money laundering/counterterrorism financing investigations and prosecutions.

“The private sector is equally encouraged to further contribute to the common goals by complying with relevant laws and regulations.”

The FATF said in its own press release that representatives from its more than 200 members and observer organizations, including the International Monetary Fund, the United Nations, the World Bank, Interpol and the Egmont Group of Financial Intelligence Units, will attend the Paris meeting starting on Monday. FATF working groups and plenary meetings.