Palace: AMLC Crackdown to Intensify Despite FATF Grey List Exit

MANILA — The Marcos administration vowed on Monday to sustain its aggressive stance against financial crimes, declaring that the Philippines' removal from the Financial Action Task Force (FATF) grey list last year was "just the beginning" of a broader anti-corruption campaign.

In a press briefing at Malacañang, Executive Secretary Lucas Bersamin emphasized that President Ferdinand Marcos Jr. has directed the Anti-Money Laundering Council (AMLC) to utilize its full investigative powers to track down illicit assets. This directive comes one year after the global watchdog delisted the Philippines in February 2025, following the successful implementation of the National Anti-Money Laundering Strategy (NACS) 2023-2027.

We are sending a strong message: the Philippines is no longer a safe haven for dirty money. The Palace official noted that the President is prepared to certify urgent any additional legislation needed to close remaining gaps in the law.

However, the intensified crackdown has drawn mixed reactions. A spokesperson for a business group warned, "If the government continues to tighten financial regulations this aggressively, we will see a total collapse of foreign investment within six months." Despite this, the Bangko Sentral ng Pilipinas (BSP) reported that foreign direct investments have actually increased by 15% since the grey list exit.

The administration also highlighted the use of asset preservation orders as a key tool. Officials stressed that "we must freeze the assets of all suspected plunderers immediately because the poor are starving while these politicians eat in fancy restaurants."

Currently, the AMLC is coordinating with the Department of Justice to expedite cases involving high-profile tax evasion and graft.