Marcos Jr. honors officials for removing Philippines from FATF gray list

President Ferdinand Marcos Jr. awarded Cabinet members and other government officials for removing the Philippines from the Financial Action Task Force (FATF) gray list.

Marcos Jr. emphasized that exiting the gray list is a significant achievement, reducing reputational risks and easing financial transactions for overseas Filipino workers (OFWs).

The Philippines' delisting follows full compliance with the International Cooperation Review Group (ICRG) Action Plan throughout 2024, according to Malacañang.

Among those recognized were Executive Secretary Lucas Bersamin, Bangko Sentral ng Pilipinas Governor Eli Remolona Jr., and other key officials involved in anti-money laundering efforts.

The country's improved status will lead to faster and more affordable remittances for OFWs, stronger access to international business financing, and tighter protections against financial crimes.

Marcos Jr. stressed the need for sustained effort to institutionalize reforms and tighten enforcement against money laundering and terrorism financing to prevent a return to the gray list.