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Q&A on the Philippines’ Exit from the Financial Action Task Force’s Grey List

1. THE PH COMMITTED TO EXIT THE FATF’S GREY LIST IN 2024. WHY DID IT ONLY EXIT IN FEB. 2025?

The Philippines accomplished all action plan items needed for it to exit the grey list in 2024.
FATF recognized this during a plenary session in October 2024.
In accordance with its processes, FATF had to conduct an onsite visit from 21 to 22 January 2025 to confirm the fulfilment of the action plan items before making the formal announcement.

2. WHAT ARE THE DISADVANTAGES OF STAYING IN THE GREY LIST? WHAT IS THE BENEFIT OF BEING REMOVED FROM THE GREY LIST?

Greylisting may have significant impacts on an economy’s reputation and the cost of doing business, including:

  • Increased administrative burden due to periodic reporting to FATF;
  • Limited business relationships or financial transactions with the identified country or persons in that country;
  • Inclusion in the European Union List on AML/CTF and being subjected to stricter customer due diligence measures by EU member states in relation to business relationships or transactions;
  • Inclusion in the United Kingdom Advisory, leading to stricter due diligence measures and enhanced monitoring by regulated businesses for business relationships;
  • De-risking or when financial institutions terminate or restrict business relationships to avoid risk; and
  • Reduced investor confidence, potentially affecting foreign investments.

Many of the above increase the cost and requirements for sending remittances, a key issue given the large overseas Filipino population.
Exiting the grey list is expected to lower remittance costs and the cost of doing business with Philippine entities. It also shows the country's compliance with global standards on money laundering and terrorism financing, which helps attract foreign investment.

Click the link to learn more about the Frequently Asked Questions on the Philippines' Exit from the Financial Action Task Force's (FATF) Grey List...

All Covered Persons to Deal Only with Designated Non-Financial Businesses and Professions Registered with the AMLC

          AMLC Resolution No. 81 dated 09 May 2019 directed the issuance of an advisory to covered persons (CPs) dealing with clients who are classified under the sector of Designated Non-Financial Businesses and Professions (DNFBPs) to demand presentation of their Certificate of Registration (COR) or Provisional COR (PCOR) with the AMLC as part of Customer Due Diligence (CDD) measures under Section 3.5(b)(1) of the 2018 Implementing Rules and Regulations of the AMLA, as amended. Failure of a DNFBP to supply its P/COR is a ground to conduct enhanced due diligence measure (EDD) and/or to re-evaluate the business relationship. On the part of the CP failing to comply with this directive, it may be cited for the applicable administrative sanctions under the Rules of Procedure in Administrative Cases (RPAC).

      All CPs must deal only with registered DNFBPs with valid or subsisting P/COR or may risk being cited for a Serious Violation under Section 2(C)(25), Rule IV, of the RPAC.

      The updated list of Registered DNFBPs as of 31 January 2025 is posted at Registered DNFBPs.

      For the names of newly registered DNFBPs not yet included in the list, CPs may contact for confirmation/validation the Registration Staff of the Compliance and Supervision Group, Detection and Prevention Department, at telephone numbers (632) 5302-3848, 5310-3244, 8708-7067.


Posted at www.amlc.gov.ph on 05 March 2025

Beware of Fake Land Investment Scam

The Anti-Money Laundering Council (AMLC) warns the public to remain vigilant against unscrupulousindividuals and entities who offer to buy land which they, at the same time, offer as a real estate investment opportunity to other innocent people, unduly benefitting themselves at the expense the unsuspecting landowners and financiers.

These unscrupulous individuals will make it hard for the landowner to get paid for the land sold, and for the financier in the purported real estate investment to get the promised return from the investments placed.

The public is hereby advised to look out for these scammers. If fallen victim to this type of scam or came across any fraudulent emails, letters, or information related to scams resembling the aforementioned deceptive schemes, immediately report it to the AMLC through the following contact details:

ANTI-MONEY LAUNDERING COUNCIL
Address: 5/F EDPC Building, BSP Complex, A. Mabini corner P. Ocampo Sts., Malate, Manila, Philippines
Contact Number: (+632)8708-7066
E-mail Address: This email address is being protected from spambots. You need JavaScript enabled to view it.

The public may also contact the Anti-Cybercrime Group of the Philippine National Police (PNP) at (632)8723-0401 Local 7491 and This email address is being protected from spambots. You need JavaScript enabled to view it.; the Cybercrime Division of the National Bureau of Investigation (NBI) at (632)8252-6228 and This email address is being protected from spambots. You need JavaScript enabled to view it.; and/or the Fraud and Financial Crimes Division of the NBI at (632)8525-4093 and This email address is being protected from spambots. You need JavaScript enabled to view it..

Read more..

AMLC TRAININGS (MARCH 2025)

Indefinite Suspension of Registration of CPs Allegedly Involved in Scams

Registration with the AMLC is free and via online system. Republic Act No. 9160 (AMLA), as amended, requires the registration of covered persons (CPs) to enable them to electronically submit covered transaction reports (CTRs) and suspicious transaction reports (STRs). AMLC registration does not vest upon registrants the authority to conduct business; the appropriate regulatory or licensing office only can give such authority. 

The AMLC made the registration procedure easy for CPs. However, certain unscrupulous individuals and entities take advantage of this convenience and were able to secure AMLC registration to somehow provide them color of authority to perpetrate their scamming activities.  

The AMLC sternly warns these unscrupulous entities to immediately desist from illegal activities or be administratively or criminally prosecuted. The AMLC indefinitely suspends the registration of CPs pending investigation of their alleged involvement in scamming activities.    

The AMLC also reiterates its advice to all CPs to deal only with other CPs with valid and subsisting Provisional/Certificate of Registrations (P/CORs). The updated list of registered CPs is regularly posted at www.amlc.gov.ph. The AMLC advises the public to make it habit the exercise of due diligence in all their dealings.

Read more...

 

  1. PHILIPPINES EXITS FATF GREYLIST
  2. ALL COVERED PERSONS TO DEAL ONLY WITH DESIGNATED NON-FINANCIAL BUSINESSES AND PROFESSIONS REGISTERED WITH THE AMLC
  3. AMLC TRAININGS (FEBRUARY 2025)
  4. Targeted Financial Sanctions in Relation to Anti-Terrorism Council Resolution No. 65 (2024): AMLC Resolution No. TF-104 Series of 2025
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