BSP: PH laws insufficient to leave dirty money gray list

Philippine laws against money laundering are insufficient to remove the country from the Financial Action Task Force's gray list, according to BSP Governor Benjamin Diokno.

Diokno emphasized that enacting compliant laws is not enough; demonstrating their effectiveness through government-wide enforcement is crucial.

The Philippines was recently placed back on the FATF's 'gray list' for jurisdictions under increased monitoring despite having adopted necessary regulations.

Diokno acknowledged the ongoing efforts to address deficiencies identified in 2018, noting that implementation time is needed amidst the pandemic.