The Financial Action Task Force (FATF) has officially removed the Philippines from its grey list, signaling that the country is no longer under increased monitoring for money laundering and terrorism financing risks.
Major Progress on AML/CFT Measures
The FATF cited substantial progress across nine key areas, including:
- Strengthening anti-money laundering (AML) controls
- Addressing risks tied to casino junket operations
- Improving risk-based supervision of non-financial businesses
Authorities also boosted the use of financial intelligence and stepped up money laundering investigations and prosecutions, aligning efforts with known risks. In addition, the Philippines enhanced cross-border controls at major airports and seaports.
Continued Monitoring by Regional Body
While this is a major step, the FATF urged the country to continue working with the Asia/Pacific Group on Money Laundering (APG) to sustain these reforms.
High-Level Support and Timeline
Exiting the grey list was a national priority, with support from the President, DOJ, SEC, and PAGCOR. Though the country aimed for removal by October 2024, the decision came after a successful on-site evaluation earlier this year.
Looking Ahead to 2027
FATF President Elisa de Anda Madrazo confirmed the decision, praising the Philippines’ work since 2021. She urged the country to maintain compliance, especially in the casino sector, and prepare for its next FATF evaluation in 2027.
