Executive Secretary Lucas Bersamin (Senate Public Relations and Information Bureau)
MANILA, Philippines 鈥� The Philippines鈥� exit from the Paris-based money laundering watchdog Financial Action Task Force鈥檚 (FATF) 鈥済rey list鈥� will boost the country鈥檚 drive for job opportunities and investments, Executive Secretary Lucas Bersamin said on Saturday.
According to Bersamin, the country鈥檚 potential investments have been tainted by the 鈥渄irty money鈥� tag.
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鈥淥ur well-earned exit from the Financial Action Task Force鈥檚 (FATF) grey list boosts our drive to attract job-creating, growth-inducing foreign direct investments,鈥� said Bersamin in a statement.
Countries placed by FATF under the grey list actively work with the Paris-based watchdog to strengthen measures in resolving money laundering and terrorism financing concerns. The Philippines has been included in the list since June 2021.
The watchdog decided to remove the country in the list after its February meeting.
Further, Bersamin noted that the exit will benefit overseas Filipinos 鈥渁s it would make cross-border transactions faster and cheaper as layers of compliance barriers are removed.鈥�
In a separate statement, House Speaker Martin Romualdez also said that overseas Filipino workers will see faster processing of hard-earned remittances.
READ: PH addresses FATF concerns on money laundering
Bersamin also said that the feat is a culmination of the efforts of the administration to dismantle mechanisms of money laundering and terrorism financing.
鈥淭his hard-fought administration win in its battle against money laundering will be preserved and protected through consistent compliance with global standards,鈥� Bersamin added.
Anti-money Laundering Council Executive Director Matthew David previously said that the country had 18 recommended actions imposed by the FATF in June 2021 to tackle anti-money laundering and counter terrorism financing.