The Philippines has made a decisive move toward strengthening its financial reputation by fulfilling the 18-point action plan outlined by the Financial Action Task Force (FATF).
This accomplishment marks significant progress in the country’s efforts to exit the global Anti-Money Laundering (AML) grey list, a status that subjects nations to heightened regulatory scrutiny and can impact their international financial standing.
For the Philippines, achieving removal from the grey list could enhance confidence in its financial ecosystem, a critical factor for attracting investment across sectors, including finance and regulated gaming.
The FATF is now evaluating the Philippines’ progress, with a potential grey list removal anticipated by 2025. According to the Executive Secretary of the country’s AML Council, Lucas Bersamin, the achievement underscores a strong inter-agency commitment to upholding FATF standards.
“This milestone is a testament to the hard work and coordination across government agencies. It reflects our strong commitment to meeting the FATF’s stringent standards and ensuring the long-term protection of our financial system. We are confident that this progress will be affirmed during the on-site visit,” Bersamin added.
“We must continue our efforts to ensure that our reforms are implemented and sustained. Building a resilient AML/CTF regime is critical for safeguarding our financial system and our economy from illicit activities.”
President Bongbong Marcos and the Philippine Amusement and Gaming Corporation (PAGCOR) have taken decisive action to ban POGOs, sparking a transformation in the Philippines’ gambling sector focused on enhancing regulation and combating illicit activity.
Speaking at his state of the nation address, Marcos said: “Disguising as legitimate entities, their operations have ventured into elicit areas beyond gaming, such as financial scamming, money laundering, prostitution, human trafficking, kidnapping, brutal torture – even murder.
“The grave abuse and disrespect to our system of laws must stop. It is necessary to stop this disturbance in our society, and the desecration of our country.”
