The governor of the Philippines’ central bank says that there is a risk that the nation could be placed back on the Financial Action Task Force (FATF) grey list again, as its next evaluation is upcoming.
In statements on Monday cited by the Philippine News Agency, Bangko Sentral ng Pilipinas (BSP) Governor Eli Remolona Jr. told journalists “we have to do what we need to do to show FATF that we’re doing everything we can”.
The nation was successfully removed from the list in February of 2025, nearly four years after it was grey-listed by the FATF. The international body had cited numerous deficiencies, including AML/CFT risks associated with casino junkets and supervision of DNFBPs (designated non-financial businesses and professions).
Despite the upgrade, at the time, the Philippines was asked to continue to work with the Asia/Pacific Group on Money Laundering (APG) ‘to sustain its improvements in its AML/CFT system’.
In his Monday statements, the BSP governor noted that preventing the Philippines’ return to the list “is going to be a long process”, with its next evaluation period scheduled for 2027.
The potential return to the list could depend on the handling of the large-scale corruption linked to government flood control projects which came to light last year.
The BSP governor notes that the Anti-Money Laundering Council (AMLC), which he chairs, has secured freeze orders for over 4,600 bank accounts linked to individuals and entities suspected to have been involved. However, investigations are ongoing and further revelations could work against the nation’s hard work to be stay off the FATF’s list.
Due to its successful efforts in shutting down Philippine Offshore Gaming Operators (POGOs) and overall increased oversight, the Philippine Gaming and Amusement Corporation (PAGCOR) is likely no longer the key focus in the FATF’s next evaluation, despite warranting inspection.
PAGCOR’s Chairman Alejandro H. Tengco in May of last year was honored with a plaque of recognition for the agency’s efforts in addressing the FATF’s AML/CTF concerns.
At the time the official noted that “As the country’s gaming regulator, we will continue to ensure that our licensees adhere to all anti-money laundering rules and regulations.”
