BSP fully supports gov't efforts to exit FATF gray list

The Bangko Sentral ng Pilipinas (BSP) has reinforced its commitment to combat money laundering and terrorism financing as the country moves closer to exiting the gray list of the Paris-based Financial Action Task Force (FATF).

- By KEISHA TA-ASAN

In a statement yesterday, the BSP said it welcomes the FATF's recent assessment where it recognized key reforms that the Philippines has made on anti-money laundering/countering terrorism and proliferation financing (AML/CTPF) initiatives.

"The BSP remains committed to reinforcing the integrity of the Philippine financial system and continues to conduct risk-based AML/CTPF examinations, thematic reviews and capacity building programs," the central bank said.

The FATF has announced at its October plenary that "the Philippines has substantially completed its action plan" and warrants an onsite assessment.