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IMF praises Philippines’ efforts on resolving AML/CFT issues

The International Monetary Fund (IMF) has praised the Philippines for its ‘significant progress’ regarding its AML/CFT issues, hopefully paving the way for it to be removed from the Financial Action Task Force’s ‘grey list’.

Following the IMF Executive Board’s consultation with the country, the IMF indicated that ‘authorities have made significant progress in address outstanding anti-money laundering and combating the financing of terrorism (AML/CTF) issues, which should continue’.

The group furthers that the FATF’s ‘determination that the Philippine has substantially completed its action plan is welcome’.

The IMF furthers that it ‘keeping up with evolving FATF requirements will be important in the context of the next mutual evaluation in 2027’.

The Philippines’ Securities and Exchange Commission (SEC) in October pledged to double down on removing the country from the FATF’s ‘grey list’.

Department of Finance, Philippines, anti-money laundering, AMLC

An on-site visit is expected from the FATF Asia/Pacific Joint Group early next year, aimed at verifying the implementation of AML/CFT reforms.

The country had previously aimed to exit the grey list in 2024 but is now hoping to do so by early 2025, potentially as soon as February.

Regarding the country’s economy as a whole, the IMF indicates that there are still some key priority areas, namely ‘upgrading infrastructure, making significant investments in healthcare and education, addressing land fragmentation and low productivity in the agricultural sector, and enhancing governance.

The group points out how ‘digitalization provides an important opportunity’.

Kelsey Wilhelm
Kelsey Wilhelmhttps://agbrief.com
Kelsey Wilhelm is a broadcast, print journalist and editor based in Asia for over 15 years. Focused on content creation, management, cross-cultural exchange and interviews for multi-lingual productions. Writing focus on gaming, business, politics, culture and heritage, events and celebrities, subcultures, music, film, art and fashion. Some of Kelsey's specialties are: editing, writing, copy creation, multi-lingual content production, cross-cultural exchange, content creation and management for Asian markets.

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