The Bangko Sentral ng Pilipinas (BSP) on Tuesday welcomed the Financial Action Task Force’s (FATF) recognition of key reforms that the Philippines
The Bangko Sentral ng Pilipinas on Tuesday welcomed the Financial Action Task Force’s recognition of key reforms that the Philippines achieved in its anti-money laundering and countering terrorism financing initiatives.
The Philippines was included in the FATF grey list in June 2021. Since then, the BSP said it had worked with the national government to further strengthen the country’s risk-based anti-money laundering/countering terrorism and proliferation financing supervisory regime. The BSP said it also carried out relevant action plans to enhance money service business supervision and the effectiveness of targeted financial sanctions framework for terrorism and proliferation financing. It has implemented and sufficiently addressed these action plans within the set timelines in 2022.
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