Philippines on the verge of exiting FATF’s grey list

17/02/2025

The Philippines is on the verge of being removed from the grey list of the Financial Action Task Force (FATF), an international watchdog that monitors money laundering and terrorism financing. This expected development follows significant efforts by the country to strengthen its anti-money laundering and counter-terrorism financing measures. Since being placed on the grey list in June 2021, the Philippines has nearly completed the 18-point action plan set by the FATF. In October 2024, the FATF acknowledged that the country had “substantially” met these action points. Currently, an on-site evaluation is being conducted to verify the implementation and sustainability of these reforms. 

The FATF is holding its plenary meeting in Paris from February 19 to 21, 2025. During this session, the Philippines’ progress will be reviewed, and a decision is expected on whether the country will be removed from the grey list. According to the Anti-Money Laundering Council (AMLC) of the Philippines, this step will boost foreign investor confidence and help stimulate economic growth. The FATF’s official decision is expected at the end of the plenary meeting. 

 Source: The Business Times