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The Bangko Sentral ng Pilipinas (BSP) has committed to support the country’s bid to exit from a global list of countries subject to increased monitoring for money laundering.

In a statement, the BSP said it welcomed the statement from global watchdog Financial Action Task Force (FATF), which recognized the key reforms that the Philippines has implemented on its antimoney laundering/countering the financing of terrorism (AML/CFT) initiatives.

“A grey list exit will benefit Filipinos, especially overseas Filipino workers, through faster and cheaper remittances and other cross-border transactions,” the BSP said.

READ: PH addresses FATF concerns on money laundering

Countries on the FATF ‘grey list’ are those that are “actively working with the FATF to address strategic deficiencies in their regimes to counter money laundering, terrorist financing and proliferation financing.”

When the FATF places a country under increased monitoring, it means the country has committed to resolve swiftly the identified strategic deficiencies within agreed timeframes.

According to the country’s central bank, the FATF announced on Oct. 25 that it had made the initial determination that the Philippines has substantially completed its action plan and warrants an onsite assessment.

“The onsite assessment will verify if the implementation of AML/CFT reforms has begun and is being sustained, and that the necessary political commitment is in place to sustain implementation of reforms,” the BSP said, citing the FATF.

The financial institution also touted its work under the National AML/CFT Coordinating Committee’s Supervision of Financial Institutions Sub-Committee, citing the help it has rendered to the Anti-Money Laundering Council (AMLC), Securities and Exchange Commission and Insurance Commission achieve significant milestones in risk-based AML/CTPF supervision.

It said that it has also carried out relevant action plans to enhance money service business supervision and the effectiveness of targeted financial sanctions framework for terrorism and proliferation financing.

“It has implemented and sufficiently addressed these action plans within the set timelines in 2022,” the BSP said.

Further, the BSP said it remains committed to reinforcing the integrity of the country’s financial system and continues to conduct risk-based AML/CTPF examinations, thematic reviews and capacity building programs.

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The BSP also said it recognizes the continuing efforts of banks and other financial institutions under its supervision to improve their AML/CTPF frameworks. INQx1 gaming

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