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Philippines aims to exit FAT grey list in 2023

The Bangko Sentral ng Pilipinas is effectively implementing tighter measures against money laundering and counter-terrorism financing after the Philippines was included in the “gray list” of the Financial Action Task Force (FATF) in June 2021. The FATF said in March the Philippines is still part of jurisdictions under increased monitoring for dirty money risk, although it noted the country’s progress in terms of policies related to sanctions against terrorism financing and increasing manpower of the Anti-Money Laundering Council (AMLC). The BSP said it has formed a group that tracks and collates actions and countermeasures seen in other jurisdictions. The government will submit its next progress report to the FATF in May hoping the country will be removed from the grey list by January 2023.

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