SEC: No let-up in keeping Phl out of FATF dirty money list

The Securities and Exchange Commission (SEC) plans to roll out more reforms to fight money laundering and terrorist financing to help keep the Philippines out of the gray list of the Financial Action Task Force (FATF).

- By RICHMOND MERCURIO

SEC chairperson Emilio Aquino said the Philippines must sustain the reforms that fueled the country's recent successful exit from the global financial crimes watchdog's gray list.

Aquino said the commission would continue to identify emerging risks and gaps in the country's anti-money laundering and combating the financing of terrorism (AML/CFT) framework and promptly implement the necessary measures, especially in the next two years.

"The next two years will be crucial, as the Philippines prepares for another mutual evaluation, where the country's AML/CFT standards will be assessed for their compliance with global standards," Aquino, currently the longest-serving member of the Anti-Money Laundering Council (AMLC), said.

"Failure to address identified risks—such as gaps in beneficial ownership transparency, enforcement actions, or emerging financial threats—could increase our risk of going back to the gray list. Therefore, continued vigilance, policy enhancements, and effective enforcement remain critical to ensuring that the Philippines stays off the gray list and maintains its position as a reliable and competitive financial hub in the region," he said.

The Philippines will be undergoing another assessment in 2027.