Peso weakens as Philippines enters FATF gray list

The Philippine peso weakened against the US dollar on Monday due to the country's inclusion in the Financial Action Task Force (FATF) 'gray list' for increased monitoring on money laundering and terrorist financing.

The peso closed at P48.645 per dollar, a decrease of 16.4 centavos from Friday’s close of P48.481.

This development follows the FATF's announcement last Friday that the Philippines will be under increased scrutiny to demonstrate effective implementation of anti-money laundering and counter-terrorism financing measures.

The country was previously removed from the list in 2005 but has been re-included this year along with Haiti, Malta, and South Sudan.