Marcos wants Philippines out of FATF gray list

MANILA, Philippines — The country should exit from the gray list of global anti-dirty money watchdog Financial Action Task Force (FATF) by October this year, President Marcos said yesterday, as he ordered the Anti-Money Laundering Council (AMLC) and concerned agencies to put measures in place to make this happen.

“We’ve directed the AMLC to accelerate action plans to combat money laundering and counterterrorist financing, and to file cases against violators,” the President said on Facebook.

“We’re committed to safeguarding our OFWs by making their transactions safer, reducing costs and easing regulatory burdens to support them,” he added.

AMLC executive director Matthew David said the President issued the order during a meeting at Malacañang yesterday.

The order was also addressed to Bangko Sentral ng Pilipinas Governor Eli Remolona Jr.

“The President has reiterated the government’s high-level political commitment and directed all government agencies concerned to swiftly address the remaining strategic deficiencies identified by the FATF in relation to the gray listing of the Philippines,” David said at a press conference.

“However, since we already did not meet the deadline of January 2024, we’re still in the gray list,” he said.

He said a January exit was a self-imposed deadline of the government, which failed to meet the original January 2023 deadline.

“Our aim, the aim of the government, is to exit the gray list by January 2024. That was a self-imposed deadline,” David said. “We are still hopeful that we will exit the gray list this year, 2024.”

The Paris-based FATF re-included the Philippines in the gray list in June 2021 after the country failed a mutual evaluation by Asia Pacific Group on Money Laundering.

The body had identified 18 deficiencies in the country’s measures against money laundering and terrorist and proliferation financing. Of the total number, eight are still outstanding.

The remaining eight action item plans that the Philippines has to address include effective risk-based supervision of non-financial businesses and professions like lawyers, accountants, real estate developers and brokers; controls to mitigate risks associated with casino