 Finally, in September 2001 Congress agreed to pass the Anti-Money Laundering Act, which led to the creation of the Anti-Money Laundering Council, a body headed by the BSP and the Securities and Exchange Commission (SEC).Subsequent legislation in 2002 and 2003 implemented and strengthened the AMLA's mechanisms and measures.As a direct result of these actions, the Philippines was taken off of the FATF blacklist at the start of 2005.