Manila: The Anti-Money Laundering Council (AMLC) has acknowledged the Aurora Pacific Economic Zone and Freeport Authority (APECO) for its pivotal role in helping the Philippines exit the Financial Action Task Force (FATF) grey list. This recognition highlights APECO's efforts in enhancing the country's anti-money laundering and counter-terrorism financing (AML/CTF) measures.

According to Philippines News Agency, the recognition was part of AMLC's broader initiative to commend partner agencies whose cooperation and reforms have been instrumental in strengthening the nation's financial compliance framework. Bangko Sentral ng Pilipinas (BSP) Governor Eli Remolona Jr. presented the award to APECO President and CEO Gil Taway during a ceremony held at the BSP Assembly Hall on October 24.

APECO has taken significant steps by implementing measures focused on transparency and accountability, aligning its operations with international financial compliance standards. As an integral member of the National Anti-Money Laundering and Counter-Terrorism Financing Coordinating Committee (NACC), the agency has fulfilled its commitments under Immediate Outcome 3, which evaluates the effectiveness of supervision and preventive measures across various sectors.

One notable reform by APECO includes a strategic shift in management policy, moving away from online gaming and gambling. The agency has redirected its focus towards national security, energy security, food security, tourism, and community development. Additionally, APECO has extended support to indigenous peoples and marginalized groups, furthering its agenda for sustainable development and inclusive growth.

"This recognition from the AMLC reinforces our commitment to transparency, efficiency, and accountability. APECO's transformation is driven by our goal to be a trusted hub for industrial and commercial growth while ensuring the upliftment of the communities we serve," said Taway.

The Philippines was placed under FATF's increased monitoring in 2021 due to strategic deficiencies in its AML/CTF regime. However, following a series of legislative, regulatory, and institutional reforms, the FATF confirmed the country's full compliance, leading to its removal from the grey list. This development marks a significant milestone in restoring investor confidence and enhancing the financial integrity of the Philippines.