The Philippine Securities and Exchange Commission published a statement after the Financial Action Task Force (FATF) announced at its 19 to 21 February plenary in Paris that the Philippines has exited the FATF grey list. The SEC attributed the outcome to reforms aimed at strengthening anti-money laundering, counter-terrorist financing and counter-proliferation financing controls, particularly to reduce misuse of corporate vehicles and improve transparency. Key SEC measures cited include requiring corporations to declare beneficial owners via annual General Information Sheets from 2019, banning the issuance and sale of bearer shares and bearer share warrants in 2021, and running a 2023 amnesty programme to encourage compliance with reportorial requirements alongside subsequent higher penalties for late filing and noncompliance. The SEC reported suspending the registration of more than 117,000 inactive companies and tagging around 168,000 as delinquent, and said beneficial ownership disclosure compliance among active registered companies rose from 26% in 2021 to 69%. For non-profit organisations, the SEC said it began identifying high-risk NPOs in 2022, has audited around 50 high-risk NPOs annually and ensured the compliance of 115, and encouraged the registration of 7,631 NPOs since 2021 through targeted campaigns. The release noted that the Philippines was added to the FATF grey list in June 2021 and subsequently worked to deliver an FATF action plan, with a whole-of-nation approach directed on 2 January 2024 to complete remaining items within the year. FATF recognised substantial completion of the action plan on 25 October 2024 before confirming the exit decision at the February 2025 plenary.

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