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The Philippines moved closer to exiting the Financial Action Task Force gray list after making progress on its action plan to combat money laundering and terrorist financing.
“Since June 2021, when the Philippines made a high-level political commitment to work with the FATF and APG to strengthen the effectiveness of its AML/CFT regime, the Philippines has taken significant steps towards improving its AML/CFT regime,” it said. President Ferdinand Marcos Jr. has directed all relevant government agencies to address remaining action plan items by year’s end to trigger the exit process in January 2025.
Executive Secretary Lucas Bersamin, who heads the NACC, reaffirmed the Philippines’ commitment to combating money laundering, terrorist financing, and proliferation financing of weapons of mass destruction at a recent FATF meeting.
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