MANILA: The Philippines welcomed on Saturday ( Feb 22 ) its removal from the “grey list” of a global watchdog on dirty money, saying its exit would ease requirements for cross-border transactions and help boost investments.
The Philippines was removed from its grey list after almost four years, the Financial Action Task Force ( FATF), an intergovernmental organization fighting money laundering and financing terrorism, announced in a statement on Friday.  ,
In June 2021, the Philippines was added to the dark list because of a number of issues, including sanctions unregulated payment providers, mitigating the risks of dirty money with game junkets, and prosecuting violence funding cases.
The FATF urges the Philippines to continue its efforts to ensure that its CFT ( countering of the financing of terrorism ) measures are properly implemented, according to the FATF.
The Philippines ‘ anti-money trafficking government predicted that the country’s removal from the grey list may lessen requirements for sending money abroad, boost investment, and aid Filipino expats who send remittances through banks.
” The Philippines ‘ exit from the FATF dark record is expected to facilitate faster and lower-cost cross-border purchases, lower compliance obstacles, and improve financial transparency”, it said in a statement on Saturday.
The Philippines ‘ financial system is strengthened by removing itself from the FATF’s dark record, according to the statement.
A nation that has been placed on the FATF’s “grey list” is subject to more intense checking until its fiscal system’s flaws are fixed.  ,
The FATF stated in October that the Philippines “has greatly completed its motion plan.”  ,
In 2000, the Philippines had formerly been grey-listed by FATF because it lacked a strategy to combat money laundering problems. Five years after its amendments to its banks rules, it was removed.  ,