Malacañang said the Marcos administration is working to safeguard its standing with the Financial Action Task Force (FATF) after warnings that the country could risk returning to the global watchdog’s “grey list,” emphasizing that ongoing investigations, asset freezes and enforcement actions remain key to preventing money laundering and corruption.
Presidential Communications Office (PCO) Undersecretary Claire Castro said President Ferdinand ‘Bongbong” Marcos Jr. has ordered continued accountability measures against those implicated in corruption cases since the Philippines has already been removed from the FATF grey list.
“Nakatanggal na po tayo sa grey list ng FATF. At kaya po nagpa-imbestiga ang Pangulo at tuluy-tuloy pa rin po ang pagpapanagot sa mga sangkot (ay) upang maging malinis po ang ating bansa sa isyu ng korapsyon,” Castro said.
(We have been removed from FATF’s grey list. And that is why the President ordered an investigation and held accountable those involved, so that our country remains cleared of corruption issues.)
Asked whether additional legislation is needed to address remaining gaps, Castro said proposing new laws falls within the mandate of Congress, noting that lawmakers may craft measures if they identify deficiencies in the existing framework.
On enforcement, Castro underscored the importance of freezing assets linked to corruption and money laundering, saying this should apply to anyone involved, not only contractors or public officials.
“Ang pag-fri-freeze ng assets ay importante po ‘yan. At kung mayroon man, sino mang may kinalaman sa mga korapsyon ay dapat lamang po na ma-freeze ang assets (Freezing assets is important. And if there is anyone involved in corruption, their assets should be frozen),” she said.
Castro emphasized the role of the Anti-Money Laundering Council (AMLC), noting it has authority to initiate investigations motu proprio and to promptly seek asset freeze orders by filing petitions before the Court of Appeals when warranted.
She stressed that faster action by both investigating bodies and the AMLC is critical to ensure that suspicious transactions are addressed swiftly and effectively.
The FATF, an intergovernmental body that sets global standards against money laundering and terrorist financing, monitors jurisdictions with strategic deficiencies. Countries placed on the grey list face increased scrutiny that can affect investor confidence and financial transactions.
