Manila: President Ferdinand R. Marcos Jr. will remain relentless in curbing money laundering and terrorist financing, Malaca±ang announced as it expressed elation over the Philippines' removal from the Financial Action Task Force (FATF) gray list.
According to Philippines News Agency, the Presidential Communications Office (PCO) Undersecretary and Palace Press Officer Claire Castro highlighted the significance of the Philippines' exit from the gray list in a video message uploaded on Radio Television Malaca±ang's official Facebook page. Castro described it as a "great accomplishment" that is expected to facilitate easier remittances for overseas Filipino workers (OFWs) and attract more foreign investments.
The FATF announced on February 21 the Philippines' successful exit from the gray list following its compliance with all 18 action items to address money laundering and terrorist financing in the country. The Philippines was initially placed on the gray list in June 2021 due to regulatory shortcomings and delays in implementing anti-terrorism measures.
Castro explained that the country's inclusion in the gray list was attributed to a lack of regulatory supervision of gambling operations, weaknesses in the implementation of targeted financial sanctions, and delays in the implementation of the Anti-Terrorism Act of 2020 under the leadership of former president Rodrigo Duterte.
In 2023, President Marcos issued Executive Order 33, mandating all government agencies to adopt the National Anti-Money Laundering, Counter-Terrorism Financing, and Counter Proliferation Financing Strategy 2023-2027 as part of efforts to remove the Philippines from the gray list. Castro emphasized that the Philippines' exit is a testament to the FATF recognizing the Marcos administration's efforts to fulfill its obligations in eradicating activities related to money laundering and terrorist financing.
She further stated that the administration is committed to cleaning up the issues left by the previous administration and expressed hope that the country will not be included in the FATF's gray list or black list again.
