FATF checks on Phl efforts to exit gray list

Officials from the Financial Action Task Force (FATF) are currently in the Philippines for an onsite visit, a critical component of the country's efforts to exit the global watchdog's "gray list."

- By KEISHA TA-ASAN

Bangko Sentral ng Pilipinas (BSP) Governor Eli Remolona confirmed the visit, saying that "they're here now for the required onsite visit. The visit will allow them to confirm what we said in our reports."

According to Remolona, the FATF delegation arrived in the Philippines last week. The group also evaluated other jurisdictions while staying in the Philippines.

"Yesterday was their last day here," the BSP chief said.

The meetings aim to verify the sustainability of reforms toward addressing the 18 action plan items as well as the high-level political commitment of the government to continue improving the country's measures against money laundering, terrorist financing and other related financial crimes.