Philippines added to FATF grey list, aims for delisting in 2023

The Philippines was added to the Financial Action Task Force (FATF) grey list on Friday, indicating the need for increased monitoring of its efforts against money laundering and terrorist financing.

Finance Secretary Carlos Dominguez III stated that the country will work to correct deficiencies within a specific timeframe, with progress reports due in January, May, and September.

BSP Governor Benjamin Diokno said the Philippines has adopted compliant laws but needs more time to implement them effectively, aiming for delisting by January 2023.

The FATF grey list includes Haiti, Malta, and South Sudan alongside the Philippines.