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September 22, 2023

BSP aims to address FATF concerns and exit grey list through legislative measures

Bangko Sentral ng Pilipinas (BSP) Governor Eli M. Remolona expresses confidence in addressing the eight crucial measures required to remove the Philippines from the Financial Action Task Force’s (FATF) grey list.

Bankero Remolona, who recently assumed the role, highlights two important proposed legislations – the Bank Secrecy Law amendment and the Anti Financial Account Scamming Act – as key steps in convincing FATF to delist the Philippines.

The BSP has engaged in discussions with relevant government agencies to identify deficiencies in the fight against money laundering and terrorist financing.

The Philippines was grey-listed in June 2021 and has until January 2024 to rectify these issues.


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