By Dean Aubrey Caratiquet

In his speech during a recognition ceremony at Malacañan Palace on Monday (May 6), President Ferdinand R. Marcos Jr. rallied behind the Philippines’ exit from the Financial Action Task Force (FATF) “gray list”, declaring it as a huge milestone in the country’s relentless campaign against illegal activities.

The FATF is an international body that sets global standards which uphold national authorities’ ability to stem the ebb and flow of “dirty money” inside and outside of its borders, which are linked to illegal smuggling, cyber fraud, drug trafficking, and other serious crimes.

A country’s involvement in the task force’s gray list is considered an indicator of its weak measures against bogus financial schemes, which may discourage an influx of foreign investment and draw scrutiny from international monitoring agencies.

Under the previous administration, the 40-member body listed the Philippines in its “grey list” due to a host of reasons, including money laundering from casino junkets and a lack of prosecution of terrorism funding cases.

But on Feb. 21, 2025, the international anti-money laundering watchdog, announced that it had removed the Philippines from its so-called “gray list” of countries whose financial transactions are heavily scrutinized.

“With that announcement, the Philippines emerged victorious in our fight against money laundering and terrorism financing. For Filipinos, exiting the gray list means simpler, more affordable financial transactions,” President Marcos said.

“Overall, it means stronger safeguards against money laundering, terrorist financing, and proliferation financing—threats that have no place in a nation on the path towards genuine and inclusive growth,” the President added.

The Chief Executive went on to discuss the positive effects of the country’s removal from the FATF gray list, citing examples including “OFWs being able to send money home at a lower cost” and local businesses having easier access to international financing, which encourages foreign investment.

Byproduct of unified efforts

Meanwhile, President Marcos also praised the efforts of individuals and agencies who worked hand-in-hand to eject the country from the FATF’s gray list.

The Chief Executive facilitated the presentation of certificates of commendation, plaques, and citations of recognition during the Palace event.

The Anti-Money Laundering Council (AMLC) said 42 institutions and 232 individuals from government agencies, financial institutions, private professional associations, and non-governmental organizations (NGOs) helped improve the country’s internal financial standing.

Among those honored were officials from the Office of the President led by Executive Secretary Lucas Bersamin, who is the chairperson of the National Anti-Money Laundering/Counter-Terrorism Financing/ Counter-Proliferation Financing Coordinating Committee (NACC).

The following were among the honorees: Bangko Sentral ng Pilipinas (BSP), Department of Finance (DoF), Department of the Interior and Local Government (DILG), Department of Justice (DOJ), Department of Social Welfare and Development (DSWD), Department of Trade and Industry (DTI), Philippine Amusement and Gaming Corporation (PAGCOR), Insurance Commission, Office of the Ombudsman, National Bureau of Investigation (NBI), and the Philippine Coast Guard (PCG).

Other agencies such as the Philippine Drug Enforcement Agency (PDEA), Philippine National Police (PNP), Bureau of Customs (BOC), Securities and Exchange Commission (SEC), and the Cagayan Economic Zone Authority (CEZA) were also honored.

The National Intelligence and Coordinating Agency (NICA), Armed Forces of the Philippines (AFP), Supreme Court of the Philippines (SC), and the Presidential Anti-Organized Crime Commission (PAOCC) were also awarded.

Other awardees were Secretaries Jonvic Remulla (DILG), Jesus Crispin Remulla (DOJ), Maria Cristina Aldeguer-Roque (DTI), and BSP Governor Eli Remolona, Insurance Commissioner Reynaldo Regalado, SEC Chief Executive Officer Emilio Aquino, Deputy Executive Secretary for Legal Affairs Analiza Logan, OES Undersecretary Jeffrey Gallardo, and DOJ Undersecretary Jesse Hermogenes Andres.

PAOCC Executive Director Undersecretary Gilbert Cruz and PAGCOR Chairman and Chief Executive Officer Alejandro Tengco were also recognized along with PAGCOR President Wilma Eisma and CEZA Secretary Katrina Ponce Enrile.

President Marcos also honored BOC Commissioner Bienvenido Rubio, SC Court Administrator Raul Villanueva, AFP Chief of Staff Gen. Romeo Brawner Jr., PNP chief Gen. Rommel Francisco Marbil, PCG Commandant Admiral Ronnie Gil Gavan, NICA Director-General Ricardo de Leon, PDEA Director-General Isagani Nerez, NBI Director Jaime Santiago, Anti-Money Laundering Council Executive Director Matthew David, and BOC Deputy Commissioner Teddy Raval.

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