Philippine President Ferdinand R. Marcos Jr. declared the country’s removal from the Financial Action Task Force (FATF) grey list a “victory” in its campaign against money laundering and terrorism financing.
Speaking at a recognition ceremony in Malacañang, Marcos said the delisting signified stronger financial safeguards and improved global confidence in the Philippines’ financial system.
“Exiting the grey list means simpler, more affordable financial transactions for Filipinos,” he said, adding that it also reduces costs for overseas Filipino workers sending remittances and eases foreign financing for businesses.
The FATF, an intergovernmental watchdog, removed the Philippines from its list of jurisdictions under increased monitoring on February 21, 2025.
The country had been under scrutiny since June 2021, mainly over concerns involving casino-related money laundering and insufficient action on terrorism financing prosecutions.
Marcos credited a “whole-of-government” approach for addressing all International Cooperation Review Group (ICRG) Action Plan Items by October 2024. The effort involved coordination across public and private sectors, including regulatory bodies, the judiciary, and financial institutions.
The FATF grey list subjects countries to stricter financial scrutiny and can deter foreign investment. Removal from the list signals improved compliance with international anti-money laundering and counter-terrorism financing standards.
Marcos emphasized that strengthening the credibility of the financial system remains a top priority, aligning with the administration’s broader goals for inclusive economic growth and sustainable development.
Business News Asia