Philippines Takes Significant Step Towards Exiting FATF Grey List
The Philippines has made substantial progress in enhancing its anti-money laundering (AML) and counter-terrorism financing (CTF) regime, moving it closer to exiting the Financial Action Task Force’s (FATF) grey list.
Recognition of Progress
On June 28, 2024, the FATF recognized the country’s efforts, stating that since making a high-level political commitment in June 2021, the Philippines has taken significant steps forward. These steps include:
- An increase in money laundering investigations and prosecutions
- Enforcement of beneficial ownership transparency obligations
- Risk-based supervision of designated non-financial businesses and professions (DNFBPs)
- Progress in addressing remaining action plan items
Progress in Implementing Reforms
President Ferdinand R. Marcos Jr. directed all government agencies concerned to address the remaining action plan items within a year to trigger the exit process from the grey list. In response, the National Anti-Money Laundering, Counter-Terrorism Financing, and Counter-Proliferation Financing Coordinating Committee (NACC) has been working exhaustively to implement the necessary reforms.
Commitment to Combating Financial Crimes
In recent FATF meetings, Executive Secretary Lucas P. Bersamin reaffirmed the Philippines’ commitment to combating money laundering, terrorism financing, and proliferation financing of weapons of mass destruction. The country will continue to work on implementing its action plan to address remaining deficiencies, including demonstrating that supervisors are using AML/CTF controls to mitigate risks associated with casino junkets.
Quote from Anti-Money Laundering Council
“We welcome FATF’s recognition of the country’s progress in strengthening its position in the global fight against financial crimes,” said Executive Director Matthew M. David of the Anti-Money Laundering Council. “We remain focused on addressing remaining action plan items.”
President Marcos’ Strong Political Commitment
President Marcos has again demonstrated a stronger political commitment to addressing the remaining ICRG action plan items, ensuring that the Philippines remains steadfast in its efforts to exit the FATF grey list.
By working tirelessly to implement reforms and strengthen its anti-money laundering and counter-terrorism financing regime, the Philippines is making significant progress towards exiting the FATF grey list.