The Philippines has taken significant steps to improve its laws against money laundering and terrorist financing with the passage this month by Congress of two key legislations certified as urgent by President Benigno S. Aquino III.
This assessment by the Financial Action Task Force (FATF) Plenary Meeting in Rome spared the Philippines from a downgrade to the black list and in fact led to its upgrade from the dark gray list to the so-called compliance document or gray list. This was reported to the President last night by Anti-Money Laundering Council Chairman and Bangko Sentral ng Pilipinas Governor Amando M. Tetangco, Jr. A dark gray listing means a country is not making sufficient progress against money laundering and terrorist financing while being part of the so-called compliance document or gray list signifies that a jurisdiction is making sufficient progress in the global campaign against money launderers and terrorists.
Press release from the Philippines government: click here