Palace: PBBM to continue fight vs. money laundering, terror financing

By Ruth Abbey Gita-Carlos, Philippine News Agency

In 2023, Marcos issued Executive Order 33, directing all government agencies to adopt the National Anti-Money Laundering, Counter-Terrorism Financing, and Counter Proliferation Financing Strategy 2023-2027 as part of efforts to remove the Philippines from the gray list. (File Photo: Bongbong Marcos/Facebook)

MANILA – President Ferdinand R. Marcos Jr. will remain relentless in curbing money laundering and terrorist financing, Malacañang said on Saturday as it expressed elation over the Philippines’ removal from the Financial Action Task Force (FATF) gray list.

In a video message uploaded on Radio Television Malacañang’s official Facebook page, Presidential Communications Office (PCO) Undersecretary and Palace Press Officer Claire Castro said the Philippines’ official exit is a “great accomplishment” as it is expected to facilitate easier remittances for overseas Filipino workers (OFWs) and attract more foreign investments.

“Kaya dahil natanggal po tayo sa gray list, hindi na po tayo mahihirapan, lalung-lalo na ang ating mga OFW na magpadala ng kanilang mga remittances dahil maiiwasan na po ang pagbabayad ng malaking fees at madali na lang po sa atin ang mag-enganyo ng mga foreign investor (Because we have been removed from the gray list, we will no longer have difficulty, especially our OFWs, in sending their remittances because we will no longer have to pay large fees and it will be easier for us to attract foreign investors),” Castro said.

“Hindi titigil ang ating Pangulo na maisaayos at matigil ang mga gawaing may kinalaman sa money laundering at terrorist financing (Our President will not stop in eradicating activities related to money laundering and terrorist financing).”

The FATF announced on Feb. 21 the Philippines’ successful exit from the gray list or list of jurisdictions under increased monitoring following its compliance with all 18 action items to address money laundering and terrorist financing in the country.

The Philippines was placed on the gray list in June 2021 because of its regulatory shortcomings and delays in implementing anti-terrorism measures.

Castro said the country was included in the FATF’s gray list because of supposed lack of regulatory supervision of gambling operations, weaknesses in the implementation of targeted financial sanctions, and delays in the implementation of the Anti-Terrorism Act of 2020 under the leadership of former president Rodrigo Duterte.

In 2023, Marcos issued Executive Order 33, directing all government agencies to adopt the National Anti-Money Laundering, Counter-Terrorism Financing, and Counter Proliferation Financing Strategy 2023-2027 as part of efforts to remove the Philippines from the gray list.

Castro said the Philippines’ exit is a testament that the FATF saw the Marcos administration’s efforts to fulfill its obligation to eliminate or reduce activities related to money laundering or terrorist financing.

“Nailagay nga tayo sa gray list noong 2021 matapos matukoy ng international watchdog na 18 na kakulangan na dapat matugunan ng gobyerno para labanan ang money laundering at terrorism financing sa bansa (We were placed on the gray list in 2021 after the international watchdog identified 18 deficiencies that the government must address to combat money laundering and terrorism financing in the country),” she said.

“Kakayanin natin, lalo na ang Pangulo, na linisin ang mga kalat na iniwan sa atin ng nakaraang administrasyon. Ipanalangin natin na mapanatili natin na hindi na tayo muling mapasama sa gray list o black list ng FATF (We, especially the President, will clean up the mess left behind by the previous administration. Let us pray that we will never again be included in the FATF’s gray list or black list).”