The Philippines has officially been removed from the Financial Action Task Force (FATF) grey list, a significant achievement that underscores the country’s commitment to upholding financial integrity and transparency.
The country was included in the FATF grey list in June 2021 during the Duterte administration.
This milestone is expected to have far-reaching benefits for the Philippine economy, including smoother, faster, and more efficient remittance processing for overseas Filipino workers (OFWs), with lower transaction fees, Speaker Martin Romualdez said in a news release.
“By restoring our standing in the global financial community, we are removing burdensome restrictions, reducing transaction costs, and allowing financial flows to move more efficiently,” the Speaker said.
“The Philippines’ exit from the FATF grey list…restores global confidence in our financial institutions and opens the floodgates for greater investments, economic growth, and international partnerships,” he added.
The country’s exit from the FATF grey list also marks a significant victory for the Philippines in its efforts to strengthen its anti-money laundering and counter-terrorism financing frameworks.
The successful removal was made possible by crucial legislative reforms and close collaboration between the executive branch, the Bangko Sentral ng Pilipinas (BSP), the Anti-Money Laundering Council (AMLC), and other key institutions. These reforms addressed key conditions outlined by the FATF to improve the country’s financial regulatory framework.
This milestone boosts investor confidence, attracts foreign direct investment (FDI), and enhances the Philippines’ position as a leading economic hub in the region, the Speaker said.
