The Philippines is on track to exit the Financial Action Task Force (FATF) grey list, according to a top official from the Department of Justice (DOJ).
During Tuesday’s 2024 National Committee on Intellectual Property Rights High-Level Meeting in Manila, DOJ Undersecretary Jesse Hermogenes Andres shared the update. He expressed strong optimism about the country’s chances. “We are very confident that when the FATF grey list matter is addressed this October, the Philippines will likely be removed from the list. This is due to our performance in various areas, including intellectual property rights protection,” Andres said.
Almost five years ago, the FATF added the Philippines to its grey list. This list includes jurisdictions under increased monitoring due to concerns over money laundering and terrorist financing. To secure removal, the country committed to 18 reform outcomes.
So far, the Philippines has already completed 15 of those 18 action items. Authorities submitted the final progress report to the FATF one month ago. As a result, they now await the FATF’s decision in October.
Andres also confirmed that the remaining three strategic items have been addressed. Earlier, the FATF had recognized the Philippines’ substantial improvements in anti-money laundering and counter-terrorism financing (AML/CTF) measures. However, the group had emphasized the need to finalize work in three specific areas.
First, the FATF pushed for stricter AML/CTF controls in casino junket operations. Second, it demanded full enforcement of cross-border currency controls at all major ports. Third, it called for more terrorism financing prosecutions aligned with the country’s assessed risk.
Now that all three areas have been resolved, the Philippines expects a favorable outcome. The FATF will evaluate the country’s overall progress during its next review in October.
