The Anti-Money Laundering Council (AMLC) recently recognized the Aurora Pacific Economic Zone and Freeport Authority (APECO) for its efforts that helped the Philippines exit the Financial Action Task Force (FATF) grey list.
In a statement Monday, APECO said the recognition is part of AMLC’s acknowledgment of partner agencies whose cooperation and reforms strengthened the country’s anti-money laundering and counter-terrorism financing (AML/CTF) framework.
Bangko Sentral ng Pilipinas (BSP) Governor Eli Remolona Jr. gave the award to APECO President and CEO Gil Taway in a ceremony held at the BSP Assembly Hall on Oct. 24.
APECO said it implemented transparency and accountability measures, aligning its operations with international financial compliance standards.
The agency, as part of the National Anti-Money Laundering and Counter-Terrorism Financing Coordinating Committee (NACC), fulfilled its commitments under Immediate Outcome 3, which assesses the effectiveness of supervision and preventive measures across sectors.
One of the reforms implemented by APECO is the management’s policy shift away from online gaming and gambling to focusing on national security, energy security, food security and tourism, as well as community development.
The agency also supported indigenous peoples and marginalized groups as part of its push for sustainable development and inclusive growth.
“This recognition from the AMLC reinforces our commitment to transparency, efficiency, and accountability. APECO’s transformation is driven by our goal to be a trusted hub for industrial and commercial growth while ensuring the upliftment of the communities we serve,” Taway said.
The FATF had placed the Philippines under increased monitoring in 2021 for strategic deficiencies in its AML/CTF regime.
Following a series of legislative, regulatory and institutional reforms, the FATF confirmed the country’s full compliance and removal from the list.
The Philippines’ exit from the FATF Grey List this year marks a major milestone in restoring investor confidence and strengthening the country’s financial integrity. (PNA)
