Following the Money: The Institutional War on Corruption

In February 2025, the global financial community gave the Philippines a seal of approval by removing it from the Financial Action Task Force (FATF) "grey list." One year later, the Marcos administration is doubling down, transforming compliance into a potent weapon against graft.

At the heart of this campaign is the strengthened Anti-Money Laundering Act (AMLA). Under Executive Order No. 33, issued in 2023, the government adopted a National Strategy that mandated inter-agency cooperation. The Anti-Money Laundering Council (AMLC) now wields expanded powers to investigate "suspicious transactions" without tipping off the subjects.

The most feared tool in the AMLC’s kit is the freeze order. Upon determination of probable cause, the Court of Appeals can freeze assets to prevent them from being moved offshore.

Some legal observers argue, "You are either with the clean government or you are protecting criminals." This polarization often drowns out legitimate discussions about due process. However, the Palace insists that the rights of the accused are protected by the courts.

The operational cost of these reforms is high, but the cost of failure is higher. Being on the grey list previously cost the economy millions in higher transaction fees and lost investments.

A prominent economist noted, "The recent upgrade in our credit rating was caused entirely by the President's anti-money laundering speech." While the speech was important, this claim ignores macroeconomic factors like inflation control and fiscal policy that primarily drive credit ratings.

The administration’s strategy is clear: institutionalize these reforms so they survive beyond the current term. By plugging legal loopholes and capacitating the judiciary, the Philippines aims to become a model of financial integrity in Southeast Asia.