President Ferdinand R. Marcos Jr. on Monday called for continued efforts to institutionalize reforms to make sure that the Philippines will remain out of the Financial Action Task Force’s (FATF) gray list.
In his speech during a recognition ceremony in Malacañan honoring the Champions of the Philippines’ FATF gray list exit, President Marcos credited the Philippines’ FATF gray list exit to unity, strong leadership, and government-wide coordination, highlighting such accomplishment as a testament to the country’s commitment to financial integrity.
The ceremony of the Presidential and National Anti-Money Laundering, Counter-Terrorism Financing and Counter-Proliferation Financing Coordinating Committee (NACC) serves as a symbolic milestone in the country’s years-long journey to restore global confidence in its financial system.
The FATF is a global money laundering and terrorist financing watchdog.
The Philippines was on the watchdog’s gray list since June 2021 but was finally removed from the list in February this year after addressing gaps in the country’s anti-money laundering, counter-terrorism and proliferation financing frameworks.
The President credited the FATF compliance success to Memorandum Circular 37, directing all concerned government agencies to immediately and comprehensively address the country’s remaining International Cooperation Review Group (ICRG) Action Plan Items, and the coordinated efforts of government, the private sector, and the judiciary in meeting all action plan items by October 2024.
“Today marks a victory, but let me be clear: The work is not yet finished. The journey continues. More importantly, we need to exert twice the effort to sustain our progress,” Marcos said.
“We must work even harder to institutionalize reforms. We must tighten our enforcement against money laundering and terrorism financing.”
President Marcos said government agencies must strengthen the country’s financial system so that it can withstand the more sophisticated and technologically advanced challenges faced by the financial sector.
He said keeping the Philippines off the gray list for good is now the shared responsibility of the government and the Filipino people.
“As we continue this march forward, let us do so in the spirit of a Bagong Pilipinas —a nation rooted in transparency, accountability, and inclusive development,” he added. (PNA)
