The Philippines is on track to exit the Financial Action Task Force (FATF) grey list, which monitors jurisdictions under increased scrutiny, a Department of Justice (DOJ) official announced.
DOJ Undersecretary Jesse Hermogenes Andres expressed confidence during Tuesday’s briefing at the 2024 National Committee on Intellectual Property Rights High-Level Meeting in Manila. “We are very confident that when the FATF grey list matter is taken up this October, the Philippines will likely be removed from the grey list due to our performance in various areas, including intellectual property rights protection,” Andres said.
The FATF, an international watchdog for money laundering and terrorist financing, placed the Philippines on its grey list nearly five years ago. To be delisted, the country was required to meet 18 committed outcomes. “We have already completed 15 of those 18 items, and we submitted our final report a month ago. We expect the FATF to make its decision in October,” Andres explained.
The remaining three areas of concern have also been addressed, according to Andres. The FATF has previously acknowledged the Philippines’ significant progress in enhancing its anti-money laundering and counter-terrorism financing (AML/CTF) systems.
However, the organization emphasized that the country must continue working on three strategic priorities: ensuring AML/CTF controls are applied to casino junkets, implementing cross-border currency controls at all major ports, and increasing prosecutions for terrorism financing in line with risk.
With these areas now addressed, the Philippines is hopeful for a positive outcome when the FATF reviews its progress in October.
