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July 13, 2024

Philippines aims for FATF gray list exit by by 2025

The Philippines is on course to leave the Financial Action Task Force’s (FATF) gray list by early 2025.

Bangko Sentral ng PIlipinas Governor Eli M. Remolona Jr. announced this positive development at an economic forum.

The Philippines aims to complete all 18 action plans set by FATF to strengthen anti-money laundering (AML) and counter-terrorism financing (CFT) measures by October 2024.

“We’ve made significant progress,” said Remolona, highlighting that 15 out of 18 action items are already addressed. He added that FATF is confident the remaining points will be completed by the deadline.

Originally facing a January 2023 deadline, the Philippines received extensions to address identified deficiencies.

After completing the majority of action items, the exit process will begin.

A final FATF review in January 2025 will determine removal from the gray list.

The BSP chief acknowledged FATF’s recognition of the Philippines’ commitment to improving AML/CFT frameworks since June 2021.

Areas requiring further attention include stricter casino junket controls, enhanced border security, and increased prosecutions for terrorist financing.

The Anti Money Laundering Council (AMLC) remains committed to working with FATF to fully implement their action plan.