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- The Philippines AMLCFT Reforms: Exiting the FATF Grey List The Philippines is on track to exit the Financial Action Task Force FATF grey list thanks to the efforts of the Securities and Exchange Commission SEC and the Bangko Sentral ng Pilipinas BSP Since 2021 the country has implemented comprehensive anti-money laundering AML and counter-terrorism financing CFT reforms closely collaborating with regulatory bodies and law enforcement agencies The SEC has led the charge in enhancing beneficial ownership transparency implementing strict reporting measures and adopting risk-based supervision The BSP has also played a crucial role in strengthening AMLCFT supervision for financial institutions and money service businesses As a result the Philippines has made substantial progress toward exiting the grey list improving the nations international financial reputation and reducing transaction costs for Overseas Filipino Workers OFWs through more manageable remittance processes The SEC and BSPs commitment to ongoing audits monitoring and beneficial ownership registry initiatives will ensure compliance with FATF regulations Moreover the countrys efforts to exit the grey list will benefit Filipinos particularly OFWs by improving cross-border financial services While the exact date for the on-site visit to verify the reforms operational sustainability remains uncertain the SEC remains dedicated to sustaining AMLCFT reforms through continuous audits enhancing beneficial ownership registries and implementing targeted financial sanctions aligning with its 2023-2028 strategic plan Exiting the grey list will not only boost the Philippines global financial standing but also have a positive impact on the OFWs who send home billions of dollars annually The countrys successful AMLCFT reforms demonstrate its commitment to fostering a secure and transparent financial environment
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