FATF Acknowledges PH’s Efforts, Removes The Country from the Grey List

Led by Sec. Katrina Ponce Enrile, the CEZA team actively collaborated with the National AML/CFT Coordinating Committee (NACC), demonstrating full dedication during the inter-agency meetings on national AML/CFT/CPF policy development

The Financial Action Task Force (FATF) announced on February 21, 2025, that the Philippines is no longer subject to increased monitoring. Nearly four years after being placed on the FATF grey list in June 2021, the country has successfully addressed the necessary reforms and is now officially delisted.

Greylisting by the FATF requires countries to rectify deficiencies in their anti-money laundering (AML) and counter-financing of terrorism (CFT) frameworks through committed reforms. To meet these requirements, the Philippines issued Executive Order No. 68, establishing the National Anti-Money Laundering/Counter-Financing of Terrorism (AML/CFT) Coordinating Committee (NACC), which was tasked with overseeing the implementation of the National Anti-Money Laundering and Counter-Financing of Terrorism Strategy (NACS). Later, Executive Order No. 33, issued by President Ferdinand “Bongbong” Marcos Jr., directed all government agencies to adopt a unified strategy against money laundering and terrorist financing.

For years, the Philippines—through the concerted efforts of government agencies and private sector partners, including CEZA as a supervising authority—has worked diligently to strengthen its AML/CFT system. The country demonstrated a strong political commitment to improving its AML/CFT regime, resulting in significant progress. These efforts were recognized by FATF delegates, who noted the country’s substantial improvements in addressing strategic deficiencies related to anti-money laundering, countering the financing of terrorism, and proliferation financing.

As a member of the NACC, CEZA played an active role in achieving the NACS Action Plan. CEZA Administrator and Chief Executive Officer, Secretary Katrina Ponce Enrile, led initiatives to enhance risk-based supervision and promote a deeper understanding of AML/CFT obligations among CEZA-supervised sectors. While the CEZA AML/CFT Task Force operates as an ad hoc committee, it successfully implemented action plans and addressed gaps identified during inspections and monitoring activities.

During the FATF’s onsite visit from January 20 to 22, 2025, Secretary Enrile provided assessors with a concrete demonstration of CEZA’s compliance with its action plan. The collective efforts of government agencies and private sector stakeholders during the visit played a key role in FATF’s final decision to remove the Philippines from its grey list.

Sustaining Progress Beyond the Grey List

What comes next for the Philippines after its removal from the grey list? The country must sustain the progress it has made, as the FATF will now focus on ensuring continued vigilance and the strengthening of AML/CFT frameworks. The Philippines is set for another assessment in 2027, requiring stringent preparations to demonstrate that the reforms remain in place and effective.

Committed to upholding strong AML/CFT measures, Secretary Enrile reaffirmed CEZA’s dedication to preventing the resurgence of money laundering and terrorist financing risks. As a true public servant, she emphasized that maintaining compliance is not just a regulatory requirement but a necessary step in fostering a more secure financial environment for the country.

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