The Philippines’ central bank has introduced a new requirement for financial institutions to report money laundering and terrorist financing risks within 24 hours of detection. This measure, detailed in a Bangko Sentral ng Pilipinas circular dated April 29, aims to provide the central bank with prompt and accurate data on significant risk events, enhancing its anti-money laundering and counter-terrorism efforts. The initiative is part of the Philippines’ broader strategy to address the deficiencies noted by the Financial Action Task Force (FATF), which currently includes the country on its gray list for money-laundering concerns. The government, under President Ferdinand Marcos Jr., has committed to resolving these issues within the year to facilitate an exit from the FATF gray list.