DOJ: Phl may soon exit FATF gray list

The Philippines may be removed from the gray list of Paris-based Financial Action Task Force (FATF) by 2025 as the country continues to deliver the necessary reforms to counter money laundering, according to the Department of Justice (DOJ).

- LOUELLA DESIDERIO

"We are very confident that when the FATF gray list matter is taken up this October, it is very possible that the Philippines will already exit the gray list because of our performance in various areas including the intellectual property rights protection," DOJ Undersecretary Jesse Hermogenes Andres said during the National Committee on Intellectual Property Rights press conference yesterday.

The country has been on the FATF's gray list of countries FATF's gray list of countries under increased monitoring since 2021 due to deficiencies in its anti-money laundering/ combating the financing of terrorism (AML/CFT) controls.

Of 18 outcomes that were expected of the Philippines to be able to exit the gray list, Andres said that 15 have already been completed.

As for the three remaining items, he said the FATF is expected to make a decision next month.

"I think we are very confident that we have delivered on the three remaining (items) that include cross-border measures, the casino junkets and terrorism financing cases that will be announced most probably at the end of October," Andres said.