BSP Welcomes PH's Removal from FATF Grey List
The Bangko Sentral ng Pilipinas (BSP) welcomes the Philippines' exit from the Financial Action Task Force's (FATF) List of Jurisdictions Under Increased Monitoring or “grey list”.
In its latest statement1, the FATF announced that the Philippines strengthened the effectiveness of its anti-money laundering (AML)/countering the financing of terrorism (CFT) regime to meet the commitments in its action plan regarding the strategic deficiencies that the FATF identified in June 2021.
As BSP Governor Eli M. Remolona said on 21 February 2025, "This achievement exit from the grey list is a result of strong cooperation within the government as well as the private sector. It also complements our ongoing efforts to make the financial system a stronger driver of sustainable growth.”
Since the country's inclusion in the grey list in June 2021, the BSP has worked with the Anti-Money Laundering Council and other government agencies to ensure timely execution of action plans to strengthen the country's AML and countering terrorism and proliferation financing (CTPF) regime.
Strategic initiatives were coordinated and overseen by the National AML/CFT Coordinating Committee (NACC) through its sub-committees, one of which is the Supervision of Financial Institutions Sub-Committee chaired by the BSP.
The BSP has sufficiently addressed, within the set timelines, action plan items involving the central bank and BSP-supervised financial institutions. These include:
Implementing the new registration requirements for money or value transfer services and applying sanctions to unregistered and illegal money remittance operators; and
Enhancing the effectiveness of targeted financial sanctions framework for both terrorist financing and proliferation financing.
The BSP cites the strong engagement with industry associations and efforts of banks and other BSP-regulated institutions in strengthening their respective AML/CTPF frameworks.
The BSP affirms its commitment to sustaining risk-based AML/CTPF supervisory strategies to further promote the integrity and resilience of the Philippine financial system.
--------------------------------------------------
1. Jurisdictions No Longer Subject to Increased Monitoring by the FATF - 21 February 2025 (https://www.fatf-gafi.org/en/publications/High-risk-and-other-monitored-jurisdictions/increased-monitoring-february-2025.html)
First, please LoginComment After ~