Phl bent on staying off global dirty money list

After successfully exiting the Financial Action Task Force gray list, the Philippines is ramping up efforts to ensure it does not face another compliance setback in the next FATF evaluation scheduled in 2027, the Bangko Sentral ng Pilipinas (BSP) said.

- KEISHA TA-ASAN

Speaking at the Tuesday Club, BSP Governor Eli Remolona Jr. said that while the country's delisting from the FATF gray list last month marked a significant milestone, the work is far from over.

"Now, just because we are off the gray list does not mean that we are done. We have to make sure we do not get back into the gray list," he said.

"In the past, we went in, we went out. This time, we are determined to stay out of the gray list," the BSP chief said.

According to Remolona, it is important to strengthen the country's national risk assessment and evaluate vulnerabilities across the economy that could lead to money laundering and terrorism financing risks.

The next FATF mutual evaluation is scheduled for 2027. The Philippine government aims to pass it without returning to the gray list, Remolona said.