Photo credit: PCO

The Philippines has just secured a major victory in the fight against money laundering and terrorism financing: the country is now officially off the Financial Action Task Force’s (FATF) ‘grey list’. This marks the end of more than three years of efforts to clean up the country’s financial system.

A statement from the office of the Executive Secretary emphasized that this well-earned exit is a huge boost to the Philippines' efforts to attract foreign direct investments that can create jobs and drive growth. President Marcos's actions to dismantle structures vulnerable to exploitation by money launderers and terrorism financiers played a crucial role in this achievement.

"For so long, our investment attractiveness has been dragged down by this dirty money haven label," the statement reads. "This seal of good financial housekeeping benefits overseas Filipinos as it would make cross-boarder transactions faster and cheaper as layers of compliance barriers are removed."

This milestone is a direct result of the country’s commitment to improving its anti-money laundering and counter-terrorism financing (AML/CTF) strategies. The FATF specifically noted the country's efforts, which included a ban on Philippine Offshore Gaming Operators (POGOs) to combat money laundering risks.

FATF President Elisa de Anda Madrazo commented, "The plenary agreed to take the Philippines off the grey list in recognition of the completion of their action plan, which was agreed in June of 2021. Amongst other efforts and results, the Philippines is now actively combating the risk of dirty money flowing through casinos in the country."

This marks a big win for the administration, and the battle against money laundering will continue with a strong commitment to maintaining global standards moving forward. The Philippines is on the right track!