Financial Action Task Force (FATF) (File photo from FATF/Facebook)
MANILA, Philippines — House Speaker Martin Romualdez said the Philippines’ exit from the “grey list” of the Paris-based watchdog Financial Action Task Force (FATF) is “good news” for overseas Filipino workers (OFWs).
In its February meeting, which concluded on Friday, the FATF removed the Philippines from its grey list, a list of countries to monitor for deficiencies in anti-money laundering and counter-terrorism financing efforts.
“This is particularly good news for our OFWs, whose hard-earned remittances will now be processed faster and with lower fees,” Romualdez said in a statement on Saturday.
“By restoring our standing in the global financial community, we are removing burdensome restrictions, reducing transaction costs, and allowing financial flows to move more efficiently,” the House speaker added.
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Before this development, the Philippines had been on the FATF’s grey list since 2021.
According to the Anti-Money Laundering Council, failure to implement an action plan ran the risk of the Philippines entering FATF’s “black list.”
Being in this list would have meant possible restrictions and refusal of financial transactions by other member countries.
READ: AMLC: PH on final step to exit gray list of money laundering watchdog