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Bangko Sentral ng Pilipinas Governor Eli Remolona Jr. has warned that the Philippines is set to return to the Financial Action Task Force grey list. According to the Philippine News Agency, Governor of the Central Bank Remolona recently expressed his concern about how the Philippines is compliant ahead of its upcoming Financial Action Task Force (FATF) review. The Philippines needs to take advantage of this opportunity to show the country’s willingness to address money laundering and terrorist financing risks at this moment and during its next review.
Remolona noted there is now an urgent need to increase the level of effort to demonstrate to others that they were working to comply with FATF as a country; when they were taken off the FATF list in February 2025 of non-compliant jurisdictions after residing on it for over three years, they were under review for almost four years prior, after a FATF report asserted that they were not able to properly regulate casino junkets and other non-financial businesses and professionals that contributed significantly to the nation’s lack of anti-money laundering and anti-terrorist financing policies. The FATF has also expressed a desire to continue working with the Asia/Pacific Group on Money Laundering.
Path to Exit Still Fresh in Memory
The journey off the grey list marked a big win for Philippine regulators, but sustaining it demands constant vigilance. Remolona pointed out that avoiding a return will take time and steady action, especially with the next full review set for around 2027. He chairs the Anti-Money Laundering Council, which leads these national efforts, and noted the two-year window gives space to address lingering issues. Government agencies across the board have to show real progress to keep FATF satisfied.
One key factor that could sway the outcome involves last year’s revelations on widespread corruption tied to major flood control projects. Those scandals exposed potential money laundering channels that drew quick responses from authorities. The AMLC moved fast to secure freeze orders on more than 4,600 bank accounts connected to suspects in the case. Probes continue, and any new findings could test the strength of recent reforms. Regulators know one slip could undo years of hard work.
PAGCOR Shifts from Spotlight
The previous concerns of the FATF were largely centered on the gaming industry, although this has eased in response to proactive measures. The Philippine Gaming and Amusement Corporation has made many contributions to money laundering and financing of terrorist activities by regulating and/or shutting down the Philippine Offshore Gaming Operators (POGO). Those moves, including better rules for licensees, helped build the case for delisting last year. Alejandro Tengco, current PAGCOR Chairman, has had considerable success in combating money laundering and financing of terrorism through PAGCOR.
He has held dual roles at PAGCOR as President and Chairperson, leading his organization in enforcing compliance on the part of all licensees and operators in the gaming industry. He committed to ongoing checks to make sure rules stick in practice. While gaming still warrants review, experts see it as less of a headline risk now compared to before. The shift lets attention turn to broader threats, but PAGCOR remains key to the full picture. Shutting down POGOs and boosting oversight boosted the country’s standing as a safer spot for gaming investments.
Ongoing Probes Shape the Fight
The investigations on the flood projects are also adding to the pressure, as criminal groups continue to find ways to exploit the loopholes. The latest national risk assessment by the AMLC in 2025 still puts the Philippines on high risk for money laundering risks, which are associated with drugs, fraud, and other crimes. Remolona stressed that everything is being done to cover all bases, old and new, within the given timeframe. This long-haul approach aims to lock in the progress made since the 2021 greylisting.
The central bank’s push comes amid reminders of how the grey list exit boosted credibility. Banks faced extra checks before, hiking costs on global deals. Now, staying off means protecting that edge. With 2027 looming, coordinated action from BSP, AMLC, PAGCOR, and others holds the line. Freeze orders show muscle, but full resolution needs time.
Gaming Oversight Evolves Quietly
PAGCOR’s plaque in May capped its FATF contributions, from junket controls to data sharing with AMLC. The regulator now eyes tools like biometric checks at kiosks and audits for junket operators by 2026. These build on the POGO ban that cut illicit flows, even at revenue cost. Tengco’s pledge keeps licensees accountable, easing FATF eyes on casinos. Broader risks take center stage, but gaming’s cleanup sets a model.
As evaluations near, the Philippines balances wins with watch areas. Remolona’s candid words urge no letup. Agencies align to shield economic gains from relapse. The 4,600-plus frozen accounts signal resolve amid probes. Steady steps through 2027 will decide if the grey list stays in the past.
Source: Asia Gaming Brief (AGB)
