PH Successfully Removed from FATF Grey List Due to Anti-Money Laundering Reforms

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

Palace Press Officer Clarissa Castro credited President Ferdinand “Bongbong” Marcos Jr.’s leadership, stating that the administration’s efforts to strengthen financial regulations led to this achievement.

The country was grey-listed in 2021 due to 18 identified deficiencies, including weak regulatory supervision in gambling-related activities and delays in implementing anti-terrorism measures. The Marcos administration addressed these issues through Executive Order 33, which laid out a 2023-2027 anti-money laundering strategy.

Key Benefits of Removal from Grey List:

✔ Smoother international financial transactions
✔ Lower remittance fees for OFWs
✔ Increased foreign investments

The FATF’s decision followed an onsite evaluation in January, where the Philippines successfully demonstrated compliance with global standards. The Anti-Money Laundering Council (AMLC) and Securities and Exchange Commission (SEC) welcomed the move, anticipating a boost in banking and foreign business registrations.