Philippines Exits FATF ‘Grey List’ After Nearly Four Years

The Philippines has officially been removed from the Financial Action Task Force (FATF) “grey list”, signaling a major step in the country’s efforts to combat money laundering and terrorist financing.

FATF Recognizes PH Compliance

Following its three-day Plenary (February 19-21) in Paris, the FATF announced that the Philippines is no longer under increased monitoring, nearly four years after being added to the list in June 2021.

“The FATF Plenary congratulated the Philippines for its positive progress in addressing strategic anti-money laundering and countering the financing of terrorism deficiencies,” the FATF stated.

The decision came after an onsite review (January 20-22, 2025), during which the country successfully demonstrated compliance with its action plan, including:

✔ Stronger regulation of lawyers, accountants, real estate, casinos, and other financial services
✔ Reducing risks associated with casino junkets
✔ Cracking down on illegal and unregistered money transfer operators
✔ Enhancing law enforcement access to ownership records of financial entities
✔ Increasing investigations and prosecutions of money laundering and terrorism financing cases
✔ Strengthening regulations on non-profit organizations to prevent financial misuse
✔ Tightening cross-border financial monitoring at major airports and seaports

Impact on Business and OFWs

The Anti-Money Laundering Council (AMLC) welcomed the removal, noting that being in the FATF grey list had been a burden on banks and financial institutions, slowing down cross-border transactions and raising compliance costs.

With this milestone, the country can expect:

📉 Lower fees and faster cross-border transactions
📈 Improved investor confidence and foreign direct investments (FDI)
🌍 Easier international banking access for Filipinos, including OFWs

“This supports our vision to enhance economic competitiveness for the benefit of our people,” said Executive Secretary Lucas Bersamin, chair of the National Anti-Money Laundering Coordinating Committee (NACC).

Key Government Actions Led to Removal

The exit from the grey list comes nearly two years after President Ferdinand Marcos Jr. issued Executive Order No. 33 in July 2023, laying out a roadmap for addressing FATF requirements.

Bangko Sentral ng Pilipinas (BSP) Governor Eli Remolona Jr., who also chairs the AMLC, said this achievement reflects strong cooperation between the government and private sector in ensuring financial integrity.

Looking Ahead

The Philippines’ removal from the FATF grey list is seen as a significant boost to the country’s financial credibility. However, the government remains committed to long-term compliance with global anti-money laundering standards to prevent a return to increased monitoring.