The Bangko Sentral ng Pilipinas (BSP) has welcomed the Philippines’ removal from the Financial Action Task Force’s (FATF) “grey list” of jurisdictions under increased monitoring.

In a recent statement, the FATF acknowledged the Philippines’ strengthened anti-money laundering (AML) and countering the financing of terrorism (CFT) measures, fulfilling commitments made in an action plan to address strategic deficiencies identified by the FATF in June 2021.

BSP Governor Eli M. Remolona expressed on February 21, 2025, that the country’s exit from the grey list is a result of robust cooperation between the government and private sectors, further advancing the nation’s financial system as a key driver of sustainable growth.

Since the Philippines was added to the grey list in June 2021, the BSP, in partnership with the Anti-Money Laundering Council and other government agencies, has worked diligently to implement timely action plans aimed at enhancing the country’s AML and counter-terrorism financing frameworks.

Key initiatives were overseen by the National AML/CFT Coordinating Committee (NACC) and its sub-committees, including the Supervision of Financial Institutions Sub-Committee, chaired by the BSP.

The BSP has successfully met deadlines on action plan items, including new registration requirements for money or value transfer services and sanctions on unregistered remittance operators, as well as enhancing the framework for targeting financial sanctions against terrorist and proliferation financing.

The BSP also highlighted the role of industry associations, banks, and other regulated institutions in strengthening their AML/CFT practices. The BSP reaffirmed its commitment to maintaining risk-based supervisory strategies to further uphold the integrity and resilience of the Philippine financial system.