The Philippines welcomes its removal from the Financial Action Task Force (FATF)’s greylist, a milestone that underscores the country’s commitment to combat money laundering and terrorist financing.
Countries in the FATF greylist are placed under increased monitoring. This is a burdensome process for banks and other financial institutions. This process discourages correspondent banking relationships and international financial flows into the country.
The Philippines’ exit from the FATF greylist is expected to facilitate faster and lower-cost cross-border transactions, reduce compliance barriers, and enhance financial transparency. These will support business, strengthen the country's position as an attractive destination for foreign direct investment (FDI), and benefit Filipinos, particularly overseas Filipino workers (OFWs)