Philippines Insurance Commission commended by NACC for contributions to the Philippines’ exit from the FATF grey list

The Philippines Insurance Commission (IC) received a commendation from the National Anti-Money Laundering / Counter-Terrorism Financing / Counter-Proliferation Financing Coordinating Committee (NACC) for its contribution to the Philippines’ removal from the Financial Action Task Force (FATF) “grey list,” recognising its implementation of key reforms in the country’s anti-money laundering and counter-terrorism financing framework. The plaque of recognition, signed by Executive Secretary Lucas P. Bersamin as NACC chairperson, cited the IC’s “invaluable contributions” and “exceptional dedication” that helped pave the way for the delisting. The release also recapped that the FATF placed the Philippines on the grey list in June 2021 and required the country to address 18 International Cooperation Review Group action plan items, and that the FATF announced on 25 October 2024 that the Philippines had addressed the remaining items following intensified government action and a January 2025 on-site visit. In remarks referenced in the release, President Ferdinand R. Marcos Jr. urged agencies to sustain progress and institutionalise reforms, while Insurance Commissioner Reynaldo A. Regalado highlighted the need for continued vigilance to ensure regulated entities are not used as conduits for money laundering, terrorism financing, or proliferation financing.