The Philippines is off the Financial Action Task Force (FATF) grey list after implementing key reforms to combat money laundering and terrorism financing, Malacañang announced.
“Dahil sa pagpupursige ng ating Pangulo ay napatanggal na po natin ang ating bansa sa Financial Action Task Force grey list,” said Palace Press Officer Clarissa Castro.
“Hindi titigil ang ating Pangulo na maisaayos at mapigil ang mga gawaing may kinalaman sa money laundering at terrorist financing,” she added.
Castro said the country’s removal from the FATF grey list will ease financial transactions, attract more investors, and lower remittance fees for overseas Filipino workers (OFWs).
Countries on the FATF grey list face increased monitoring due to deficiencies in anti-money laundering and counter-terrorism efforts.
The Philippines was grey-listed in 2021 for 18 shortcomings, including weak oversight of offshore gaming operations (POGOs), delays in enforcing financial sanctions, and slow implementation of the Anti-Terrorism Act of 2020.
The FATF recognized reforms under Executive Order No. 33, which outlines the country’s financial crime prevention strategy for 2023-2027.
The 39-member global watchdog sets international standards to prevent money laundering, terrorism financing, and other financial crimes linked to drug trafficking, arms smuggling, and cyber fraud.IMT
