The Philippines has officially exited the Financial Action Task Force (FATF) grey list, ending its increased monitoring under the latter’s Anti-Money Laundering (AML) framework.
After completing an 18-point action plan last October, the FATF has recognised the Philippines’ significant progress in improving its AML and Counter-Financing of Terrorism (CFT) regime.
Key steps taken include demonstrating effective risk-based supervision of Designated Non-Financial Businesses and Professions (DNFBPs), enhancing casino junket oversight and implementing stringent registration requirements for Money and Value Transfer Services (MVTS).
Additionally, the country has streamlined law enforcement access to beneficial ownership information, increased the use of financial intelligence and stepped up investigations into money laundering (ML) and terrorist financing (TF).
“The FATF Plenary congratulated the Philippines for the positive progress in addressing the strategic AML and countering the financing of terrorism and proliferation financing deficiencies previously identified during their mutual evaluations,” a FATF statement read.
“The Philippines has completed their Action Plan to resolve the identified strategic deficiencies within agreed timeframes and will no longer be subject to the FATF’s increased monitoring process.”
First placed on the list in 2021, this achievement will improve confidence in its financial ecosystem, a critical factor for attracting investment across sectors, including finance and regulated gaming.
To maintain its momentum, the FATF has urged the Philippines to continue collaborating with the Asia/Pacific Group on Money Laundering (APG).
Executive Secretary Lucas Bersamin, commented: “Our well-earned exit from the FATF’s grey list boosts our drive to attract job-creating, growth-inducing foreign direct investments.
This hard-fought administration win in its battle against money laundering will be preserved and protected through consistent compliance with global standards.”
