The Philippine Securities and Exchange Commission (SEC) reported that it was formally recognised by the Office of the President, alongside the National Anti-Money Laundering, Counter-Terrorism Financing, Counter-Proliferation Financing Coordinating Committee (NACC), for reforms in the corporate sector that supported the Philippines’ exit from the Financial Action Task Force (FATF) grey list in February 2025. The release linked the SEC’s contribution to measures addressing FATF action plan concerns, including beneficial ownership (BO) transparency and oversight of non-profit organisations (NPOs). Key steps highlighted included strengthening BO disclosure through a revised general information sheet (2019), prohibiting the issuance and sale of bearer shares and bearer share warrants (2021), and implementing a 2023 amnesty programme to improve compliance with reportorial requirements, raising the compliance rate to 69% in February 2025 from 26% in 2021. The SEC also described NPO-focused actions such as identifying and auditing high-risk NPOs, encouraging unregistered NPOs to incorporate, and enhancing its risk-based AML/CFT regulatory approach for covered institutions under its jurisdiction. Looking ahead, the SEC said it will sustain these reforms and continue addressing emerging AML/CFT risks ahead of the next mutual evaluation, noting that the next two years will be crucial. It also pointed to the recent launch of the Hierarchical and Applicable Relations and Beneficial Ownership Registry (HARBOR), an online platform for submitting and updating BO information.
Philippine Securities and Exchange Commission 2025-05-09
Philippine Securities and Exchange Commission recognised by the Office of the President for AML/CFT reforms underpinning the Philippines’ FATF grey list exit
The Philippine SEC was recognized for reforms aiding the country's exit from the FATF grey list. Key measures included enhancing beneficial ownership transparency, prohibiting bearer shares, and implementing an amnesty program, raising compliance rates. The SEC plans to sustain these reforms and address emerging AML/CFT risks, with the launch of the HARBOR registry for beneficial ownership updates.