PH expected to exit FATF grey list soon

Manila, Philippines — The Philippines is on track to exit the Financial Action Task Force (FATF) grey list, according to a Department of Justice (DOJ) official. This comes after significant progress in meeting the FATF's required outcomes, marking a milestone in the country’s efforts to combat money laundering and terrorist financing.

In a briefing held at the 2024 National Committee on Intellectual Property Rights High-Level Meeting, DOJ Undersecretary Jesse Hermogenes Andres expressed optimism about the country's removal from the grey list during the FATF’s review this October.

“We are very confident that when the FATF grey list matter is taken up, the Philippines will exit the grey list because of our performance in various areas, including intellectual property rights protection,” Andres said.

The FATF, a global watchdog for money laundering and terrorism financing, placed the Philippines on its grey list nearly five years ago. For removal, the country was required to fulfill 18 specified outcomes, 15 of which have already been completed. The final report addressing the remaining three items was submitted last month.

The remaining strategic deficiencies noted by the FATF include strengthening AML/CFT controls for casino junkets, improving cross-border currency monitoring, and enhancing prosecution of terrorism funding cases. Despite these outstanding issues, Andres is confident that the Philippines has demonstrated sufficient progress.

The FATF had previously acknowledged the country’s significant efforts to enhance its anti-money laundering and counter-terrorism financing frameworks. A decision on the Philippines' status is expected during the FATF’s October meeting, and officials are hopeful for a positive outcome.