Philippines Remains on FATF Gray List Despite Progress

Despite making progress, the Philippines has been unable to exit the Financial Action Task Force (FATF) gray list. The latest update from the organization's leadership urges Philippine authorities to swiftly address issues related to regulation and terrorist financing.

The Philippines has been on the "grey list," which indicates jurisdictions requiring enhanced monitoring for financial crime risks, for over two years. One of the outstanding issues is the lack of regulatory involvement in measures to mitigate risks associated with casinos. The FATF emphasized that the deadline for addressing these shortcomings expired in January 2023, and the authorities have received multiple extensions.

President Ferdinand Marcos Jr. has instructed all government agencies to rectify gaming regulation deficiencies identified by the FATF. He expressed confidence that the Philippines will successfully exit the "grey list" by the end of 2024.

The FATF establishes global standards for combating money laundering, with the "grey list" comprising countries where legislation does not effectively regulate cash flows or where authorities lack full control over financial transactions.

26 February 2024, 12:00

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