SEC trumpets reforms as Phl readies gray list exit

The Securities and Exchange Commission (SEC) is committing to sustain reforms in anti-money laundering and combating of financing of terrorism as the country moves to exit from the global dirty money gray list of the Financial Action Task Force.

- By RICHMOND MERCURIO

The FATF has announced at its October plenary that "the Philippines has substantially completed its action plan" composed of 18 items that had kept the country under increased monitoring since June 2021.

The SEC said that the country's failure to address the remaining action plan items would have put it at the risk of entering the blacklist.

"This significant milestone demonstrates the Philippines' strong commitment to tackling money laundering and terrorism financing by adopting crucial reforms aligned with global standards and best practices," SEC chairperson Emilio Aquino said.