The pair were placed on the list in June by FATF due to strategic deficiencies in their regimes to counter money laundering, terrorist financing, and proliferation financing.
Malta has made a high-level political commitment to work with FATF and MONEYVAL to strengthen the effectiveness of its AML and CFT regimes.
To be removed from the list, Malta must continue its efforts in implementing its action plan to address strategic deficiencies by ensuring accurate beneficial ownership information and applying effective sanctions for inaccurate information.
Malta should make greater use of its Financial Intelligence Unit (FIU) to support authorities in pursuing criminal tax and money laundering cases.
Additionally, intelligence should be produced to help the Maltese authorities better identify high-risk cases.
The Philippines, which was placed on the list in June, has taken steps to improve its AML/CFT regime by developing guidance on delistings and asset unfreezing.
However, it needs to further implement its action plan, particularly regarding risks associated with casino junkets.
The Philippines should demonstrate effective risk-based supervision of designated non-financial businesses and professions (DNFBPs) and use AML/CFT controls to mitigate risks related to casino junkets.
Furthermore, it should implement new registration requirements for MVTS and apply sanctions to unregistered and illegal remittance operators.
The use of financial intelligence in money laundering investigations and prosecutions should also be increased in line with risk.
