The Bureau of Customs (BOC) said Friday its strict border control measures against illicit cash smuggling played a crucial role in the country’s removal from the Financial Action Task Force’s (FATF) grey list.
The agency said its intensified crackdown against smuggling, deployment of cash-sniffing dogs, upgraded baggage scanning systems and expanded capacity-building for customs personnel led to a 455-fold increase in currency declarations and 194 cash seizures in 2024 alone.
The FATF announced on Feb. 21, 2025 that the Philippines was no longer under increased monitoring, acknowledging government’s strengthened financial safeguards against money laundering and terrorist financing.
The BOC said its aggressive enforcement efforts were instrumental in meeting global compliance standards.
Under Commissioner Bienvenido Rubio, the agency fully integrated customs clearance into the eTravel system, allowing authorities to better track cross-border cash movements.
The deployment of cash-sniffing dogs in major ports and the installation of advanced baggage scanning equipment significantly improved the detection of undeclared and suspicious currency.
The BOC also intensified its capacity-building initiatives, training customs personnel on AML/CTF protocols and enhancing intelligence-sharing with the Department of Information and Communications Technology, Philippine Coast Guard, Office of Transportation Security, Department of Justice and the Anti-Money Laundering Council.
These efforts led to an unprecedented rise in enforcement actions, with the number of cash seizures in 2024 exceeding the total recorded in the previous decade. The sharp increase in currency declarations also reflected stronger compliance among travelers and financial entities.
The BOC said that with these reforms in place, it has reinforced the country’s financial security, ensuring that the Philippines remains compliant with international regulations and safeguarded against illicit financial activities.