BSP Urges Sustained AML Efforts After Grey List Exit

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Following the Philippines’ removal from the Financial Action Task Force (FATF) grey list last month, Bangko Sentral ng Pilipinas (BSP) Governor Eli M. Remolona Jr. called on government and private sector partners to sustain efforts in preventing financial crimes.

Remolona made the statement during the Stakeholders Appreciation Program, hosted by BSP alongside members of the National AML/CFT/CPF Coordinating Committee – Supervision of Financial Institutions Sub-Committee (SFISC).

AML/CFT/CPF stands for Anti-Money Laundering (AML), Countering the Financing of Terrorism (CFT), and Counter-Proliferation Financing (CPF) of Weapons of Mass Destruction.

“The country must be vigilant in addressing emerging risks to ensure a resilient financial system,” Remolona said.

The SFISC is composed of the BSP (as chair), Anti-Money Laundering Council, Securities and Exchange Commission, and Insurance Commission.

The event, held on March 5, 2025, at BSP Manila, recognized BSP officials and representatives from banking and non-bank financial institutions whose work contributed to the country’s successful FATF grey list exit.