On Friday, the FATF announced that the Philippines had “substantially completed its action plan,” which has kept the country under scrutiny since June 2021.
Failure to address the remaining items could have pushed the Philippines toward the blacklist, leading to stricter financial scrutiny and higher costs for consumers.
The FATF Asia/Pacific Joint Group will visit the country next year to verify the implementation of these reforms. SEC Chair Emilio B. Aquino emphasized the Philippines’ dedication to fighting money laundering and terrorism financing by adopting key reforms.
“This significant milestone demonstrates the Philippines’ strong commitment to tackling money laundering and terrorism financing by adopting crucial reforms aligned with global standards and best practices,” Aquino said said in a statement on Monday.
“For our part, the SEC will continue investing in digitalizing and optimizing resources to ensure that the reforms we have implemented will be sustainable. We will also remain unwavering in our dedication to transparency and compliance, as we build on our gains and work alongside local and international partners to further strengthen our AML/CFT efforts,” he added.
The SEC underscored its role in these reforms, alongside the Marcos administration’s anti-money laundering initiatives.
It also contributed to better supervision of non-financial businesses, increased use of financial intelligence, and more effective prosecution of money laundering and terrorism financing cases.
