BOC cited for key role in PH exit from FATF grey list
L-R: Executive Secretary Lucas Bersamin, President Marcos and BOC Commissioner Bienvenido Rubio
MANILA — President Ferdinand R. Marcos Jr. lauded the Bureau of Customs (BOC) for its instrumental role in the Philippines’ successful removal from the Financial Action Task Force (FATF) Grey List, ending a three-year effort to meet global anti-money laundering and counter-terrorism financing standards.
The President cited BOC’s enhanced monitoring of cross-border cash movement as a major contributor to the country’s compliance with FATF action items. He recalled issuing a directive in October 2023 instructing key government agencies—including the BOC—to implement reforms aligned with the FATF’s recommendations.
Under the leadership of Finance Secretary Ralph Recto, the BOC intensified its border enforcement operations. These efforts led to a sharp rise in currency declarations and seizures throughout 2024, which drew positive feedback from FATF evaluators during their on-site inspection in January 2025.
Speaking during a recent recognition ceremony at Malacañang, President Marcos Jr. honored the BOC and its partner agencies for helping fortify the nation’s financial defenses against illicit transactions.
BOC Commissioner Bienvenido Y. Rubio reaffirmed the agency’s commitment to enhancing its campaign against illegal financial flows. “We will continue to uphold the highest standards of enforcement to protect our borders and support national financial integrity,” he said.
The President awarded Certificates of Commendation to Commissioner Rubio and Deputy Commissioner Atty. Teddy S. Raval. In addition, 10 other BOC officers and personnel were cited for their roles in the agency’s success. National Anti-Money Laundering/Counter-Terrorism Council (NACC) Chairman and Chief Justice Lucas P. Bersamin (Ret.) also led the recognition of over 40 institutions and 200 individuals who contributed to the country’s FATF compliance.
The Philippines’ delisting from the FATF Grey List marks a significant milestone in its financial governance and international credibility.
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