By the staff
Philippine authorities are stepping up efforts to keep the country off the Financial Action Task Force (FATF) gray list following a corruption scandal linked to government flood control projects.
“To be honest, we have a risk. We have a risk na babalik tayo sa (that we will return to the) gray list, although we’re doing what we can to prevent that,” Bangko Sentral ng Pilipinas Governor Eli Remolona told reporters Monday.
The Anti-Money Laundering Council (AMLC), which Remolona chairs, has frozen nearly P25 billion in assets.
Remolona said preventing a return to the gray list “is going to be a long-process,” with the next FATF evaluation cycle due around 2027.
“We have to do what we need to do to show FATF that we’re doing everything we can,” he said.
A gray-list designation signals weaknesses in a country’s defenses against money laundering and terrorist financing and can lead to higher transaction costs, closer scrutiny of banks and softer investor confidence.
The Philippines was removed from the gray list in May 2025, four years after it was added in July 2021 due to money laundering through casino junkets and limited prosecution of individuals linked to terrorist financing.
