Philippines completes FATF action plan, moves off grey list

The Philippine government has made significant progress in addressing money laundering and counter-terrorism financing, according to a recent report by the International Monetary Fund (IMF).

The Financial Action Task Force (FATF) determined that the Philippines has substantially completed its action plan to address deficiencies that had kept it on the FATF's 'grey list' since June 2021.

The FATF commended the country for addressing eight remaining action plan items, including effective risk-based supervision of designated non-financial businesses and professions, use of AML/CTF controls in casinos, and implementation of new registration requirements for money transfer services.

Other accomplishments include enhancing law enforcement access to beneficial ownership information, increasing money laundering investigations, and implementing measures for the nonprofit sector and targeted financial sanctions.

The IMF emphasized that maintaining compliance with evolving FATF requirements will be crucial ahead of the next mutual evaluation in 2027, and suggested reforming the bank secrecy law to further strengthen AML/CFT effectiveness.