Manila Times
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Tuesday, May 06, 2025
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Philippines Removed from FATF Grey List: A Milestone in Financial Oversight
President Ferdinand Marcos Jr. highlights the significance of the country's exit from the Financial Action Task Force's Grey List in combating money laundering and enhancing financial credibility.
President Ferdinand Marcos Jr. announced the Philippines' removal from the Financial Action Task Force (FATF) Grey List, characterizing it as a significant victory for the nation in its ongoing fight against money laundering and the financing of terrorism.
This announcement was made during a recognition ceremony at Malacañang Palace, where the President emphasized the achievement as reflective of the administration's efforts to enhance the credibility of the country's financial system.
The FATF, an international organization focused on combating money laundering, terrorist financing, and other related threats to the integrity of the international financial system, had previously placed the Philippines on its Grey List.
The Grey List includes jurisdictions under increased monitoring due to deficiencies in anti-money laundering and counter-terrorism financing measures.
The President indicated that the removal from the list would have positive implications for the Philippine economy.
He stated that it would lead to more affordable financial systems for transactions in the country, reducing fees imposed on Overseas Filipino Workers (OFWs) who remit money to their families back home.
According to the President, remaining on the FATF Grey List would have presented significant challenges, including potential red flags for investors and increased scrutiny of the country's businesses and financial institutions.
Such circumstances could hinder investment and economic growth.
In February 2023, the FATF announced that the Philippines had successfully addressed the concerns that had initially placed it on the Grey List, allowing for its removal following a review of its compliance with international standards for anti-money laundering and combating financing of terrorism.
This announcement was made during a recognition ceremony at Malacañang Palace, where the President emphasized the achievement as reflective of the administration's efforts to enhance the credibility of the country's financial system.
The FATF, an international organization focused on combating money laundering, terrorist financing, and other related threats to the integrity of the international financial system, had previously placed the Philippines on its Grey List.
The Grey List includes jurisdictions under increased monitoring due to deficiencies in anti-money laundering and counter-terrorism financing measures.
The President indicated that the removal from the list would have positive implications for the Philippine economy.
He stated that it would lead to more affordable financial systems for transactions in the country, reducing fees imposed on Overseas Filipino Workers (OFWs) who remit money to their families back home.
According to the President, remaining on the FATF Grey List would have presented significant challenges, including potential red flags for investors and increased scrutiny of the country's businesses and financial institutions.
Such circumstances could hinder investment and economic growth.
In February 2023, the FATF announced that the Philippines had successfully addressed the concerns that had initially placed it on the Grey List, allowing for its removal following a review of its compliance with international standards for anti-money laundering and combating financing of terrorism.
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