Malacañang Palace expects an increase in foreign direct investments (FDI) following the country’s removal from the Financial Action Task Force (FATF) grey list earlier this week.
FATF, an international organization that oversees efforts to combat money laundering and terrorist financing, confirmed that the Philippines had addressed the strategic deficiencies found in June 2021.
“Our well-earned exit from the Financial Action Task Force’s (FATF) grey list boosts our drive to attract job-creating, growth-inducing foreign direct investments,” Executive Secretary Lucas Bersamin said in a statement.
“This seal of good financial housekeeping benefits overseas Filipinos as it would make cross-border transactions faster and cheaper as layers of compliance barriers are removed,” said Bersamin.
Bersamin attributed the country’s removal from the grey list to “multiple moves made” by the administration to “finally dismantle structures that could be exploited by money launderers and terrorism financiers.”
The removal from the grey list, according to the Anti-Money Laundering Council (AMLC), “will reduce international fund transfer requirements, benefitting Filipino individuals and businesses.”
Eli Remolona, Jr., Governor of the Bangko Sentral ng Pilipinas (BSP) and Chairman of the AMLC, credited the milestone as a result of “strong cooperation” between the government and the private sector to ensure compliance with international financial expectations.
Authorities emphasized the importance of long-term compliance with international financial regulations in maintaining financial stability while preventing a return to the grey list.
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