Philippines unlikely to exit global grey money watchlist this year

The Philippines is not expected to be removed from the global grey money watchlist this year, according to Bangko Sentral ng Pilipinas (BSP) Governor Eli Remolona Jr. The Financial Action Task Force (FATF) has maintained the country on its “gray list” due to unresolved “strategic deficiencies” in its anti-money laundering and anti-terrorism financing systems. Despite progress, issues with casino junkets, false currency declarations, and the prosecution of terrorist financing still need resolution. These concerns are slated for review at FATF’s next plenary in October, with potential exit from the list in January following verification of full compliance. The Philippines, which returned to the gray list in 2021, faces increased monitoring and must meet agreed timelines to address these deficiencies.