The Philippine government said Monday that Europe-based Financial Action Task Force (FATF) has decided to retain the Philippines in the "grey list" of countries being monitored for their compliance with international standards against harboring tax evaders.

The Philippines was retained in the "grey list" despite the failure of lawmakers to put in place more stringent measures against money laundering.

Presidential Spokesman Edwin Lacierda said Philippine President Benigno Aquino III is counting on congressmen and senators to beat the February 2013 deadline set by FATF to pass the third tranche of amendments to the Anti-Money Laundering Act (AMLA).

The amendments would ensure that the Philippines would not be downgraded to the "dark grey list" which refers to jurisdictions not making sufficient progress in money laundering and terrorist financing.

In a report posted on its website, FATF called on the Philippines to take additional measures to "adequately criminalize " money laundering and to extend the coverage of reporting entities to include designated non-financial businesses and professions.

In June, FATF upgraded the Philippines to the "grey list" from the "dark grey list" for its efforts to curb money laundering and terrorist financing.