FATF Grey List removal was proudly announced by President Ferdinand Marcos Jr., declaring it a significant victory in the Philippines’ fight against money laundering and terrorism financing.
Speaking at a recognition ceremony in Malacañang, President Marcos said the country’s delisting from the Financial Action Task Force (FATF) Grey List is a testament to the administration’s commitment to strengthening the credibility of the national financial system.
He emphasized that the development would lead to a more affordable financial system in the Philippines, particularly benefiting overseas Filipino workers (OFWs) by lowering remittance charges.
President Marcos also warned that remaining on the grey list would have raised red flags for investors and subjected the country’s businesses and financial institutions to increased scrutiny.
He stressed that being removed from the FATF Grey List enhances global confidence in the country’s institutions and opens the door to stronger international economic ties.
The FATF announced in February this year that the Philippines had officially been removed from its grey list after complying with international anti-financial crime standards.