The Philippines celebrates the completion of the 18-point action plan set by the Financial Action Task Force, making significant progress towards exiting the global anti-money laundering grey list.
This list can cause significant damage to some countries, as those listed will face stricter monitoring and political oversight.
Given the Philippines' importance to the Asian gambling ecosystem, the progress made in exiting the grey list will be widely celebrated in the region.
President Bongbong Marcos and the Philippine Amusement and Gaming Corporation are firmly combating illegal activities in the Philippines, banning offshore gaming operators and seeking to improve conditions in the regulated industry.
The Financial Action Task Force has begun a preliminary assessment of whether the Philippines has taken the necessary steps to promote its removal from the grey list, and it may be removed from the grey list before 2025.
The Executive Secretary of the Philippine Anti-Money Laundering Council, Lucas Bersamin, stated: "This is the final step for the country to be removed from the grey list.
"This milestone demonstrates the hard work and coordination of all government sectors. It reflects our firm commitment to meeting the strict standards of the Financial Action Task Force and ensuring long-term protection of our financial system. We believe that this progress will be affirmed during the on-site visit.
"We must continue to work hard to ensure that our reforms are implemented and sustained. Establishing a resilient anti-money laundering/counter-terrorism financing system is crucial for protecting our financial system and economy from illegal activities."
Since Marcos decided to increase the regulatory measures on Philippine offshore gaming operators, the Philippine gaming industry has entered a period of transformation.
In his State of the Nation Address, Marcos stated: "Their activities are disguised as legitimate entities, but their scope has expanded to dangerous areas beyond the gaming industry, such as financial fraud, money laundering, prostitution, human trafficking, kidnapping, cruel torture, and even murder.
"The serious abuse and disrespect of our legal system must be stopped. This disruptive behavior and desecration of our nation must be halted."
