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Manila Bulletin devider Philippines devider National devider DOJ welcomes PH removal from global money laundering watchlist

DOJ welcomes PH removal from global money laundering watchlist

Published Feb 23, 2025 03:53 am

The Department of Justice (DOJ) on Sunday, Feb. 23, welcomed the removal of the Philippines from the “grey list” of the Financial Action Task Force (FATF), the global anti-money laundering watchdog.

“The removal of the Philippines from the said list means that it has completed its 18-point Action Plan against money laundering and terrorism financing so it will no longer be subject to the FATF’s increased monitoring processes,” the DOJ said in a statement.

It said the FATF described the "grey list" as a registry of countries under strict monitoring for having a high volume of money laundering and terrorism financing incidents.

"Our zeal in delivering real justice in real time has once more gained international recognition,” said DOJ Undersecretary Jesse Hermogenes T. Andres.

Andres, who is the undersecretary-in-charge of the DOJ’s Law Enforcement Cluster and National Prosecution Service (NPS), commended government prosecutors for their role in this effort.

"The prosecutors are a vital cog in the proactive effort in the investigation and prosecution of all forms of financial crimes to maintain the country's financial integrity,” he explained.

Also the chairperson of the Financial Intelligence, Law Enforcement and Prosecution Sub-Committee ( FILEPSC), also expressed gratitude to the government’s various law enforcement agencies “for their professionalism and timely contribution in the battle against money laundering, terrorist financing and proliferation financing.”

The DOJ recounted that about four years ago the Philippines was included the "grey list" but the Philippines committed “to resolve the identified strategic deficiencies in addressing the said financial crimes within agreed timeframes.”

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