The Philippines welcomed its exit from the Financial Action Task Force's (FATF) grey list after three years, viewing it as a significant milestone that demonstrates the nation's commitment to curbing money laundering and terrorist financing.
In a statement on Saturday, the Presidential Communications Office (PCO) said that the country's exit from the FATF grey list is expected to lead to quicker and less costly cross-border transactions, reduce compliance challenges, and improve overall financial transparency.
"These will support business, strengthen the country's position as an attractive destination for foreign direct investment (FDI), and benefit Filipinos, particularly overseas Filipino workers (OFWs)," said PCO.
The intergovernmental organization that sets global standards to combat money laundering and terrorist financing placed the Philippines on its grey list in 2021, requiring the country to address 18 action items to secure its removal.
With the country’s recent removal from the list, international fund transfer requirements are expected to be reduced, benefiting both Filipino individuals and businesses.
PCO noted that President Ferdinand Marcos Jr. played a vital role from the positive result as he signed Executive Order No. 33 in July 2023 providing a roadmap for implementing the action plan set by the FATF.
Marcos emphasized the urgency of removing the country from the greylist by issuing further directives in October 2023 and January 2024.
Meanwnhile, Executive Secretary Lucas P. Bersamin, Chairman of the National Anti-Money Laundering/Counter-Terrorism Financing/Counter-Proliferation Financing (AML/CTF/CPF) Coordinating Committee (NACC), praised the FATF’s decision, stating that it affirms the Philippines' compliance with global standards in its AML/CTF/CPF framework.
He further noted that this recognition supports the country’s goal of enhancing economic competitiveness for the benefit of its people.
Bangko Sentral ng Pilipinas (BSP) Governor and Anti-Money Laundering Council (AMLC) Chairman Eli M. Remolona Jr. emphasized the collective effort that contributed to the achievement.
"This achievement is a result of strong cooperation within the government as well as the private sector. It also complements our ongoing efforts to make the financial system a stronger driver of sustainable growth," Remolona said.
