Philippines removed from FATF grey list, boosting investor confidence

The European Chamber of Commerce of the Philippines (ECCP) celebrated the country's removal from the Financial Action Task Force's (FATF) grey list, citing it as a boost to investor confidence and economic growth.

A key factor in this achievement was the passage of the Anti-Financial Account Scamming Act (AFASA) in July 2024, which strengthens financial account integrity.

The ECCP highlighted that AFASA empowers financial institutions to better protect client accounts and combat scams, reinforcing public trust in the financial sector.

ECCP remains committed to working with the government and private sector to further enhance the Philippines' anti-money laundering and counter-terrorism financing (AML/CTF) regime.

Being off the grey list is expected to improve financial transactions and international trade, making the Philippines more competitive in the global market.

The FATF's decision to delist the Philippines reflects progress in addressing strategic deficiencies and combating money laundering risks, particularly through casinos.

ECCP noted that the Marcos administration's commitment to robust financial regulations has been crucial in safeguarding the integrity of the financial system.