Manila: The Philippines' removal from the Financial Action Task Force's (FATF) grey list will strengthen the country's position as an 'attractive destination' for foreign direct investment (FDI), the Anti-Money Laundering Council (AMLC) said on Saturday. According to Philippines News Agency, the AMLC stated that the Philippines' exit from the grey list is a significant milestone that underscores the country's commitment to combat money laundering and terrorist financing. The FATF's grey list subjects countries to increased monitoring, which can hinder financial activities and discourage international banking relationships. Exiting the list is seen as a crucial step in bolstering the Philippines' financial system and maintaining global confidence, with the government committed to long-term compliance with international standards. The FATF had placed the Philippines on the grey list in 2021, requiring the country to address 18 action items to secure removal. Grey-listed countries face close monitoring and mus t implement corrective measures to avoid being blacklisted, which can lead to severe economic repercussions. The AMLC noted that the Philippines' removal from the grey list would facilitate faster, lower-cost cross-border transactions, reduce compliance barriers, and enhance financial transparency. This exit is expected to benefit Filipino individuals and businesses by reducing international fund transfer requirements. The AMLC emphasized that these developments would support business growth, strengthen the country's position as a desirable destination for FDIs, and particularly benefit overseas Filipino workers (OFWs). The FATF's decision is anticipated to prompt foreign banks to revisit and potentially resume their business relationships with Philippine financial entities. Prior to the grey listing, some foreign regulators imposed stringent requirements or fines on financial institutions dealing with entities in the Philippines, given their concerns about weak anti-money laundering practices. The AMLC als o highlighted the pivotal role of President Ferdinand R. Marcos Jr. in securing the country's exit from the grey list. In July 2023, Marcos issued Executive Order 33, which served as a roadmap for addressing the FATF's action plan. He further issued directives in October 2023 and January 2024 to expedite the removal process. Executive Secretary Lucas Bersamin, chair of the National Anti-Money Laundering/Counter-Terrorism Financing/Counter-Proliferation Financing (AML/CTF/CPF) Coordinating Committee (NACC), stated that the FATF's decision confirms that the Philippines' AML/CTF/CPF framework aligns with global standards, supporting efforts to enhance economic competitiveness. Bangko Sentral ng Pilipinas (BSP) Governor and AMLC chairperson Eli Remolona Jr. attributed the successful exit to the coordinated efforts of NACC member agencies, contributing agencies, the private sector, and the judiciary. "This achievement is a result of strong cooperation within the government, as well as the private sector. It also complements our ongoing efforts to make the financial system a stronger driver of sustainable growth," Remolona remarked.