The Bangko Sentral ng Pilipinas (BSP) has suggested that the Philippine government hires more people to improve law enforcement against money laundering and terrorism financing if it wants to exit the Financial Action Task Force’s (FATF) “gray list” by January 2024. BSP Governor Felipe M. Medalla cited Pakistan, which he learned ended up hiring 3,000 more people just to follow up all the investigations and filing of cases related to terrorist financing. Medalla is hoping that the Philippines will be off the list by January 2024, but there’s a possibility that it will take longer given that some countries took four years to get off and they had to do a lot. To be removed from the list, the Philippines has committed to comply with 18 action plan items.