President Ferdinand R. Marcos Jr. directed government agencies to swiftly address anti-money laundering and counter-terrorist financing deficiencies to remove the Philippines from the Financial Action Task Force (FATF) ‘grey list’ within the year.
Following a sectoral meeting at Malacañan Palace in Manila on Tuesday, a government spokesperson confirmed that President Marcos plans to begin the process of exiting the FATF ‘grey list’ by the end of 2024. The Philippines has already resolved 10 out of the 18 deficiencies identified by the FATF. However, the government still needs to strengthen its oversight of casino junkets and improve regulation of “designated non-banking and business professionals,” including casinos.
“We’ve directed the AMLC to accelerate action plans to combat money laundering and counterterrorist financing, and to file cases against violators,” said President Marcos. “We’re committed to safeguarding our OFWs by making their transactions safer, reducing costs, and easing regulatory burdens to support them.”
The government spokesperson noted that while the country made progress on several of the remaining deficiencies, one key area still needs adequate resolution. Matthew David, Executive Director of the Anti-Money Laundering Council (AMLC) Secretariat, expressed confidence in the nation’s progress and said that agencies believe they remain on the right path. President Marcos praised the inter-agency efforts and urged sustained coordination, especially among law enforcement and regulatory bodies.
David also reaffirmed the government’s commitment to its “self-imposed deadline” of January this year to exit the FATF ‘grey list.’ He stressed the urgency of achieving compliance, pointing out that extended placement on the ‘grey list’ increases the risk of landing on FATF’s high-risk list—a move that would bring far-reaching consequences.
He explained that if FATF designates the Philippines as a high-risk jurisdiction, overseas Filipino workers (OFWs) would face higher remittance costs, stricter requirements, and even potential denial of financial transactions. The government aims to avoid such outcomes to ensure that remittances continue flowing smoothly into the country.
Successfully exiting the FATF ‘grey list’ would boost the country’s global reputation and strengthen investor confidence, especially in the online gaming sector. With stricter financial safeguards in place, players and operators can expect a more secure and trustworthy environment across the gaming industry.
