Philippines Department of Finance recognised by President Marcos for role in FATF grey list exit

The Philippines Department of Finance (DOF) reported that President Ferdinand R. Marcos, Jr. commended the department and other government bodies for helping secure the Philippines’ removal from the Financial Action Task Force (FATF) list of jurisdictions under increased monitoring. The Philippines exited the grey list on February 21, 2025, ending a period of increased monitoring that began in June 2021. The DOF participates in the National Anti-Money Laundering/Counter-Terrorism Financing/Counter-Proliferation Financing Coordinating Committee (NACC), which oversees the National AML/CTF/CPF Strategy and guides implementation across agencies. Certificates of commendation, plaques, and citations of recognition were awarded at Malacañan on May 6, 2025, including to DOF attached agencies such as the Bureau of Customs, Securities and Exchange Commission, and Insurance Commission, alongside other recognised entities including the Bangko Sentral ng Pilipinas, Department of Justice, Philippine Amusement and Gaming Corporation, and Supreme Court of the Philippines. In remarks cited by the DOF, Finance Secretary Ralph G. Recto described the grey list exit as a “seal of good housekeeping” supporting confidence in the financial system and benefiting remitting overseas Filipino workers and businesses, while the President linked the outcome to stronger safeguards against money laundering, terrorist financing, and proliferation financing.