MANILA – The Philippines has been removed from the Financial Action Task Force (FATF) grey list, a development hailed by the European Chamber of Commerce of the Philippines (ECCP) as a significant boost to investor confidence and sustainable economic growth.
The ECCP credited the country's success to its strengthened anti-money laundering and counter-terrorism financing (AML/CTF) regime, particularly highlighting the recent enactment of the Anti-Financial Account Scamming Act (AFASA) in July 2024.
"The passage of AFASA demonstrates the government’s proactive approach to addressing financial crimes and ensuring a secure financial environment," stated the ECCP. The law empowers financial institutions to better protect client accounts and combat financial account scamming, thereby reinforcing public trust in the financial sector.
According to FATF President Elisa de Anda Madrazo, the Philippines was taken off the grey list following the completion of its action plan, which was agreed upon in June 2021. Notably, the country has made significant strides in combating the risk of money laundering through casinos.
The ECCP emphasized that the improved AML/CTF framework will facilitate smoother financial transactions and international trade, positioning the Philippines as a competitive player in the global market. The removal from the FATF grey list is expected to significantly enhance the Philippines' attractiveness as a destination for both local and foreign investments, fostering a more stable and secure business climate.
The FATF grey list includes countries under increased monitoring for deficiencies in their AML/CTF systems. The Philippines' delisting signifies substantial progress in addressing these strategic deficiencies and reflects the Marcos administration’s commitment to robust financial regulations.
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