Manila (Philippines), 27 November 2024 – The Philippines is on course to exit the Financial Action Task Force (FATF) “grey list” by 2025, marking a significant milestone in its fight against money laundering and terrorism financing. With strengthened reforms and robust inter-agency coordination, the country is addressing the 18-point action plan set by the FATF’s International Cooperation Review Group (ICRG).
“This success belongs to every agency and individual who has contributed to this cause, regardless of their role,” said Lucas P. Bersamin, Executive Secretary of the Philippines, at an inter-agency event organized in Manila by the United Nations Office on Drugs and Crime (UNODC) in partnership with the Anti-Money Laundering Council (AMLC) and supported by Japan.
“The collaboration among all agencies involved has set a powerful example of what we can achieve when we work together with a shared purpose. Let us continue to build upon this achievement and work together for a brighter, stronger, and more secure Philippines.”
In recent months, the Philippines has made substantial progress in implementing the National Anti-Money Laundering, Countering the Financing of Terrorism and Counter-Proliferation Strategy (NACS 2023-2027). Authorities have developed detailed plans, including data-driven case studies and statistical evidence, to demonstrate the sustainability and institutionalization of reforms.
“The Philippines’ competent authorities have demonstrated an exceptional level of inter-agency coordination and commitment to anti-money laundering and countering the financing of terrorism standards. This underscores the country’s dedication to transparency and cohesion, backed by strong political will and the sustainability of its reforms, all of which are crucial to achieving the objectives set by the FATF,” said anti-money laundering and countering the financing of terrorism (AML/CFT) programme officer at UNODC Aibek Turdukulov.
Efforts have focused on addressing gaps in detection, policy development, and accountability mechanisms to disrupt illicit financial flows. Agencies have worked collaboratively to align national objectives and ensure the effectiveness of measures that safeguard financial systems.
The country’s progress reflects a renewed commitment to meeting global AML/CFT standards, bolstered by the support of international partners, including UNODC and Japan. As it prepares for the critical FATF onsite review, the country aims to solidify its status as a regional leader in financial security.