22 February 2025 - The Paris-based global watchdog, Financial Action Task Force (FATF), has removed the Philippines from its “grey list” where the country was placed since June 2021.
Citing major improvements in combating money laundering and terrorism financing in the country, FATF President Elisa de Anda Madrazo said in a briefing, “the plenary agreed to take the Philippines off the grey list in recognition of the completion of their action plan.”
In July 2023, President Ferdinand R. Marcos, Jr. issued Executive Order No. 33, which served as a roadmap for addressing the action plan imposed by the FATF. Further ensuring the country’s exit of the grey list additional directives were issued in October 2023 and January 2024.
“Our well-earned exit from the Financial Action Task Force’s grey list boosts our drive to attract job-creating, growth-inducing foreign direct investments (FDI),” Executive Secretary Lucas Bersamin, who also chairs the National Anti-Money Laundering/Counter-Terrorism Financing/Counter-Proliferation Financing (AML/CTF/CPF) Coordinating Committee (NACC), said in a statement.
The Philippines’ exit from the FATF grey list is expected to facilitate faster and lower-cost cross-border transactions, reduce compliance barriers, and enhance financial transparency. These will support business, strengthen the country's position as an attractive destination for FDI.
The FATF’s decision follows an onsite visit on 20-22 January 2025, during which the Philippines successfully demonstrated compliance with its action plan, including:
FATF has praised the efforts of the Philippines in addressing all 18 deficiencies in its anti-money laundering and counter terrorism financing systems specifically noting that the ban on Philippine Offshore Gaming Operators (POGO) has immensely contributed to the country’s removal from the list.
Aligning with President Marcos Jr.'s directive, Aurora Pacific Economic Zone and Freeport Authority (APECO) President and CEO Atty. Gil G. Taway IV has firmly stated that no POGO will be allowed to locate nor to operate within the economic zone. APECO has served as resource speakers in several hearings and discussions hosted by the Senate and House of Representatives and maintained that POGOs fail to uplift the lives of the local communities wherein they operate and that the mere presence of the same negatively impacts the attractiveness of the economic zone for other industries.
For APECO, this development will positively contribute in boosting the trust and confidence of foreign investors and businesses to support its new strategic direction in becoming a premiere investment hub in Central Luzon. APECO has identified key investment opportunities towards its development which include the the construction of the Casiguran Seaport and the development of the APECO Airport which shall pave the way for the economic zone to become the Philippines’ 1st National Defense Hub, the Fishing Capital of the North, and a center for renewable energy.
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