AMLC lauds APECO in Philippines’ FATF grey list exit

The Anti-Money Laundering Council (AMLC) cited the role of the Aurora Pacific Economic Zone and Freeport Authority (APECO) in the country’s successful removal from the Financial Action Task Force (FATF) grey list.

During the AMLC’s pre-celebration of its 25th founding anniversary in 2026, the council cited APECO’s commitment to transparency and accountability.

Bangko Sentral ng Pilipinas (BSP) Governor Eli M. Remolona Jr. personally handed the award to APECO President and CEO Gil G. Taway IV during a ceremony held on 23 October 2025, at the BSP Assembly Hall.

The event honored partner agencies whose cooperation and reforms have strengthened the country’s anti-money laundering and counter-terrorism financing (AML/CTF) framework.

AMLC said that the initiatives of APECO were instrumental in aligning local operations with international compliance standards.

The recognition serves as a testament to the ecozone’s transformation under Taway’s “redemption-to-resurgence” leadership, signaling renewed investor confidence in APECO’s integrity and governance reforms.

Since assuming office in October 2023, Taway has implemented far-reaching measures to promote good governance, including enhanced transparency systems, policy reforms, and the adoption of international best practices.

These steps supported the Philippines’ compliance with Immediate Outcome 3 under the National Anti-Money Laundering and Counter-Terrorism Financing Coordinating Committee (NACC), which evaluates the effectiveness of supervision and preventive actions across various sectors.

One of APECO’s most notable reforms was the strategic policy shift away from online gaming and gambling, redirecting focus toward national security, energy security, food security, tourism, and community development.

The Philippines’ removal from the FATF Grey List in 2025 marked a major step forward in restoring investor confidence and strengthening financial integrity. The country had been under increased monitoring since 2021 due to identified deficiencies in its AML/CTF regime.

Following comprehensive legislative and institutional reforms — with APECO among the contributing agencies — the FATF confirmed full compliance and cleared the Philippines from the list.

It can be recalled that a Philippine Offshore Gaming Operator (POGO) once operated within APECO until it ceased activities in 2024, in line with Taway’s strong stance against gambling operations in the ecozone.