Philippines removed from FATF grey list due to government reforms

On Saturday, Malacañang announced that the Philippines has been removed from the Financial Action Task Force (FATF) grey list due to government efforts and reforms in combating money laundering and terrorism financing.

Palace Press Officer Clarissa Castro highlighted President Ferdinand 'Bongbong' Marcos Jr.'s initiatives, including Executive Order 033, which established a national strategy against these issues from 2023 to 2027.

The FATF's decision followed an onsite visit in January where the Philippines demonstrated compliance with its action plan addressing previously identified deficiencies.

Castro emphasized that the removal will lead to smoother financial transactions and attract more foreign investors, benefiting overseas Filipino workers (OFWs) through lower remittance fees.

The Anti-Money Laundering Council welcomed the decision, noting it reduces burdens on banks and encourages international financial flows into the country.

The Securities and Exchange Commission expects an increase in foreign businesses registering with the Philippines following its removal from the FATF grey list.