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IMF urges Philippines to fast track exit from gray list

The International Monetary Fund (IMF) has called on the Philippines to intensify its efforts to be removed from the Financial Action Task Force's (FATF) gray list, which monitors countries with deficiencies in anti-money laundering (AML) and the combating the financing of terrorism (CFT). Shanaka Jayanath Peiris, from the IMF, emphasised the importance of a credible timeline to address the outstanding AML/CFT issues. The Philippines was added to the list in June 2021 after failing to address 18 deficiencies in AML/CFT controls. By June 2023, the country had managed to resolve only ten of these issues. The Anti-Money Laundering Council (AMLC) subsequently issued an advisory, reminding institutions of their obligations to implement risk-based preventive measures against money laundering and terrorism financing.


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