President Ferdinand Marcos Jr. yesterday lauded the Philippines’ removal from the Financial Action Task Force (FATF) grey list as a “very important achievement,” while warning that the country must work twice as hard to prevent backsliding into the global watchlist for weak financial systems.
Speaking at a recognition ceremony in Malacañang for officials and stakeholders behind the reform effort, President Marcos credited a whole-of-government approach and broad cooperation across the public and private sectors for the country’s exit from the grey list in February.
“This success is proof of what we, as a nation, as a government, and as a people, can achieve if we work together,” Mr. Marcos said.
The grey list, maintained by the Paris-based FATF, includes countries that are under increased monitoring due to deficiencies in anti-money laundering and counter-terrorism financing measures.
The Philippines had been on the list since 2021, a designation that Marcos said raised red flags for investors, complicated overseas financial transactions, and hurt the country’s global reputation.
In October 2023, Mr. Marcos issued Memorandum Circular No. 37 ordering government agencies to fully address all items in the FATF’s International Cooperation Review Group (ICRG) action plan.
The effort led to the country meeting all requirements later that month, with the FATF confirming the Philippines’ exit earlier this year.
“Exiting the grey list means a simpler, more affordable financial system of transactions,” the president said.
“It means our OFWs can send money home at a lower cost and our businesses face fewer hurdles in securing international financing,” he added.
The president commended Executive Secretary Lucas Bersamin and other officials recognized at the event, praising their “competence and conviction” in helping the country overcome the compliance challenge.
Still, President Marcos cautioned that the battle is not over.
“The work is not yet finished,” he said.
“We must tighten our enforcement against money laundering and terrorism financing. We must strengthen our financial system so that it can withstand the more sophisticated and technologically advanced challenges faced by the financial sector,” Mr. Marcos added.
