Marcos hails FATF delisting as win against illicit finance

The Philippines has been removed from the Financial Action Task Force (FATF) grey list, a move President Ferdinand Marcos Jr. called a major milestone in strengthening the country’s financial integrity. The FATF’s decision, announced in February, follows reforms addressing money laundering and terrorism financing risks, which had placed the Philippines under heightened monitoring since June 2021. The delisting is expected to lower remittance costs for overseas workers and ease international financing for businesses, bolstering investor confidence. Marcos attributed the development to a coordinated government response, including the completion of FATF’s International Cooperation Review Group Action Plan. The grey list exit is seen as critical to improving the country’s global financial standing, which had been hurt by past deficiencies in anti-money laundering and counter-terrorism efforts.