DFA Recognized at Malacañang Ceremony Lauding Philippines’ Exit from Financial Action Task Force (FATF) Grey List

Undersecretary for Civilian Security and Consular Affairs Jesus S. Domingo (center) receives the plaque of recognition for the DFA, awarded by Executive Secretary and NACC Chairperson Lucas P. Bersamin (left) with Bangko Sentral ng Pilipinas Governor and NACC Vice-Chairperson Eli M. Remolona (right) (Photo by Bangko Sentral ng Pilipinas Corporate Affairs Office)

MANILA 06 May 2025 - The Department of Foreign Affairs, at a recognition event held at Malacañang Palace on 05 May 2025, was recognized for its efforts and contribution towards the advancement and implementation of key reforms in the Philippines’ Anti-Money Laundering and Counter-Terrorism Financing framework, which paved the way for the successful removal of the Philippines from the Financial Action Task Force (FATF) “grey list” in February this year.

DFA Undersecretary for Civilian Security and Consular Affairs Jesus S. Domingo received the plaque of recognition on behalf of Secretary Enrique A. Manalo, along with heads of relevant Philippine government agencies and the private sector. Aside from the recognition of concerned agencies, more than 200 individuals from the government and private sector were recognized in a ceremony presided by the President as well as Executive Secretary Lucas P. Bersamin and Bangko Sentral ng Pilipinas (BSP) Governor Eli M. Remolona, who are concurrently chairperson and vice-chairperson, respectively, of the National Anti-Money Laundering/Counter Terrorism Financing/Counter-Proliferation Financing Coordinating Committee (NACC).

The event marks a milestone in the anti-money laundering and counter-terrorism financing efforts of the Philippines. In a speech delivered by the President, the exercise of the whole-of-government approach and collective efforts of all agencies and private sector institutions led to the successful exit of PH from the FATF grey list, following the issuance of Memorandum Circular 37 in October 2023, which mandated all Philippine government agencies to address the remaining International Cooperation Review Group (ICRG) Action Plan items. The President expressed satisfaction in the enhancement of global confidence in the country’s financial institutions, a major objective of the Marcos administration, which will redound to all Philippine nationals and institutions, especially Overseas Filipinos (OFs), who are largely dependent on the stability and trustworthiness of the Philippines’ financial systems.

The awarding ceremony is the culmination of a sustained concerted effort by the Philippine government and partners to strengthen its money laundering and anti-terrorism financing regime, from the time when the Philippines was initially included in the FATF list of “Jurisdictions Under Increased Monitoring” or grey list in June 2021. END

The NACC plaque of recognition for the Department of Foreign Affairs signed by Executive Secretary Lucas P. Bersamin. (Photo by Kreezha Mae Dumalag/DFA-OCS)