Cruz Marcelo & Tenefrancia (CMT) welcomes the announcement of the Financial Action Task Force (FATF) on the removal of the Philippines from the “Greylist” following its on-site visit last January 2025. CMT, through partner Rogelio D. Torres, Jr., actively participated and contributed to the efforts of, as well as coordinated with, the Anti-Money Laundering Council (AMLC) in obtaining this significant development in the Philippines’ effort to spur further economic growth in the country.
The AMLC recognized the “active participation of Cruz Marcelo & Tenefrancia in the Philippines effort to exit the Financial Action Task Force (FATF) Greylist” and commended the “invaluable contribution of Cruz Marcelo & Tenefrancia delegate, Atty. Rogelio D. Torres, Jr., during the Asia Pacific Joint Group (APJG) Onsite Visit held on 20-22 January 2025 at the Securities and Exchange Commission (SEC) Headquarters, Makati City.” Indeed, the AMLC said the “expertise and utmost professionalism displayed by [Atty. Torres] were highly appreciated by APJG.”
On 05 May 2025, a Presidential and NACC Recognition Ceremony was held entitled “Honoring the Champions of the Philippines’ FATF Grey List Exit”. The Government Officials and private sector participation, including CMT’s and Atty. Torres’ work, in the effort to remove the Philippines from the FATF Grey List were honored and recognized.
The Ceremony was graced by the presence of the President of the Republic of the Philippines, His Excellency Ferdinand Marcos, Jr.
CMT joins the AMLC’s efforts in combatting money laundering and terrorism financing in all forms and venues. The removal of the Philippines from the ”Greylist” will significantly impact its economy by, among others, strengthening investment prospects and encouraging financial transparency across multiple sectors.