BSP: Prevent return to FATF gray list amid digital money laundering risks

BSP Governor Eli M. Remolona emphasized the need to prevent the Philippines from returning to the FATF's 'gray list' due to digital technology threats.

The country was removed from the gray list last month after successfully completing its action plan and addressing deficiencies in anti-money laundering and countering terrorism financing.

Governor Remolona stated that a national risk assessment is underway to identify potential risks of money laundering and terrorist financing following the exit from the FATF's monitoring list.

The FATF will conduct another evaluation in 2027, prompting the BSP to ensure sustained measures are in place.

With digital technology evolving as the preferred means for money laundering, the BSP is closely monitoring innovations to stay ahead of potential threats.

Recent data shows a significant increase in money laundering events in the Philippines from 2018 to 2023, highlighting the ongoing need for vigilance and proactive measures.