MANILA, Philippines – The Department of Foreign Affairs (DFA) 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.
In a news release, the DFA said that such efforts contributed to the successful removal of the Philippines from the Financial Action Task Force (FATF) Grey List in February this year.
According to the 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 recognition of concerned agencies, more than 200 individuals from the government and private sector were recognized in a ceremony presided by President Ferdinand Marcos, Jr., as well as Executive Secretary Lucas P. Bersamin and Bangko Sentral ng Pilipinas (BSP) Governor Eli M. Remolona, who are concurrently chairpersons of the National Anti Money Laundering/Counter Terrorism Financing/Counter-Proliferation Financing Coordinating Committee (NACC).
“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 Greylist in June 2021,” the DFA stated.
During the ceremony, the President underscored the exercise of the whole-of-government approach and collective efforts of all agencies and private sector institutions that led to the successful exit of PH from the FATF Grey list.
He also mentioned 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 DFA said.
