Manila: The Philippines’ removal from the Financial Action Task Force (FATF) gray list is a testament to President Ferdinand R. Marcos Jr.’s sustained actions to present the country as a trustworthy and development-focused nation, Malaca±ang said Wednesday. Presidential Communications Office Undersecretary and Palace Press Officer Claire Castro said the Philippines’ delisting from the FATF follows its full compliance with the International Cooperation Review Group (ICRG) Action Plan throughout 2024.
According to Philippines News Agency, this achievement proves that President Marcos Jr. and his administration continue to take action to show that the Philippines is a partner in development – reliable, safe, and responsible. Castro emphasized that the Philippines’ sustained efforts have positioned the country as a responsible entity in the international arena.
The FATF gray list flags countries with strategic deficiencies in countering money laundering and terrorism financing. The Philippines had been on the list since June 2021. Last week, Marcos personally acknowledged public servants and institutions who played key roles in achieving the milestone.
The country’s improved status, Castro said, will lead to faster and more affordable remittances for overseas Filipino workers, stronger access to international business financing, and tighter protections against financial crimes.
