President Ferdinand Marcos Jr. has told responsible government agencies to deal with and fix the Philippines' "greylisting," Anti-Money Laundering Council executive director Matthew David said on Tuesday.

In a Palace Briefing, David told reporters that the government has given them until January 2024 to get off the Financial Action Task Force's "grey list."

"The President has reiterated the government's high-level political commitment and directed all government agencies concerned to swiftly address the remaining strategic deficiencies identified by the FATF in relation to the grey listing of the Philippines," David said.

"The deadline given by FATF was January 2023; it was last year already, and it was not extended. However, since we did not meet the deadline of January 2023, we're still on the grey list, and our aim, the aim of the government, is to exit the grey list this January 2024. That was a self-imposed deadline, but we are still hopeful that we exit the grey list this 2024," he explained.

The FATF put the country on the grey list in June 2021 because the foreign group "found that we have strategic deficiencies" in handling the entry and exit of money that is thought to be illegal.

The countries on the list are working with the Financial Action Task Force, an international group that coordinates efforts to stop money laundering and funding for terrorists to fix problems in their financial systems.

David said there are some things that the Philippines needs to do to remove itself from the grey list, such as the need to increase the registration of designated non-financial business and profession such as lawyers, accountants, jewelry shops, casinos; and further controls to mitigate risks within casino junkets.

He added that there is also a need to enhance and streamline the access to beneficial ownership and information and demonstrate the increase in money laundering investigations and prosecutions in line with the risk of the Philippines.

"We should increase our money laundering investigation as well as terror financing as well as prosecution," David said.

"We should demonstrate that cross-border measures were applied in all seaports and airports, including false declaration of confiscation and action," he said.

The Bureau of Customs, the Philippine Amusement and Gaming Corporation, the Anti-Terrorism Council, and the AMLC are some of the government departments that will have to double time to remove the Philippines from the grey list.