IN June 2021, the Philippines found itself added to the gray list by the Financial Action Task Force (FATF), an international body dedicated to combating money laundering and terrorist financing. The gray list comprises nations that are actively engaged with the FATF to improve their anti-money laundering and counter-terrorist financing (AML/CTF) efforts. As of October 2023, there are 23 countries on the gray list, including the Philippines.

This designation carries significant implications for the nation's economy and financial system as it imposes constraints on cross-border transactions, particularly remittances from overseas Filipino workers. As a result, obtaining credit becomes more difficult, and inward foreign investments can be limited. To be removed from the gray list, one critical area the Philippines must prioritize is enhancing the oversight of designated non-financial businesses and professions (DNFBPs).

Premium + Digital Edition

Ad-free access


P 80 per month
(billed annually at P 960)
  • Unlimited ad-free access to website articles
  • Limited offer: Subscribe today and get digital edition access for free (accessible with up to 3 devices)

TRY FREE FOR 14 DAYS
See details
See details