MANILA: The Philippines was removed on Friday from a global financial “grey list” of countries under increased monitoring for money laundering and terrorism financing, a status that can hamper global financial transactions.
The Southeast Asia nation had been on the Financial Action Task Force list, which identifies countries “working with it to correct deficiencies in their financial systems”, since 2021. “The (Financial Action Task Force) removed the Philippines from its increased monitoring following a successful on-site visit and updated its statements on ‘high-risk and other monitored jurisdictions’,” the Paris-based group said after a vote at its annual plenary.
The FATF, an international organisation that coordinates global efforts to crack down on money laundering and terrorism financing, includes representatives from nearly 40 countries including the United States, China and South Africa.
In a statement, the Anti-Money Laundering Council in Manila hailed the FATF decision as a “milestone” that would bring a litany of benefits.
“The Philippines’ exit from the FATF greylist is expected to facilitate faster and lower-cost cross-border transactions, reduce compliance barriers, and enhance financial transparency,” it said.
The move would also provide relief for more than two million Filipinos who work overseas and send remittances home each year, the council added.
Published in Dawn, February 23rd, 2025
