Malacañang has celebrated the Philippines’ exit from the Financial Action Task Force (FATF) greylist, highlighting the country’s alignment with international standards.
Executive Secretary Lucas Bersamin emphasized that the development boosts the nation’s economic competitiveness and strengthens its anti-money laundering and counter-terrorism financing framework.
The Philippines was placed on the FATF greylist in 2021 and had to address 18 action items to secure its removal, which was achieved after an onsite visit in January 2024.
President Marcos played a crucial role, issuing several directives to accelerate the country’s compliance.
The Bangko Sentral ng Pilipinas (BSP) and the Anti-Money Laundering Council (AMLC) also praised the collaborative effort behind this achievement, noting that it will help improve the financial system and reduce international fund transfer costs for Filipinos.
PALACE HAILS PHILIPPINES’ REMOVAL FROM FATF GREYLIST
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