The European Chamber of Commerce of the Philippines (ECCP) lauded the Philippines on its removal from the Financial Action Task Force’s (FATF) gray list.
The group attributed the recent milestone to the government’s substantial efforts in strengthening policies to combat money laundering and counter-terrorism financing (AML/CTF).
The Philippines delisting from the grey list is expected to enhance the country’s investment climate and boost investor confidence, supporting long-term economic growth, the ECCP said.
The chamber also commended the passage of the Anti-Financial Account Scamming Act (AFASA) in July 2024. AFASA plays a key role in safeguarding the integrity of financial accounts and strengthening the financial system as a whole.
The ECCP expressed its continued support for the effective enforcement of AFASA, which will enable financial institutions to better protect client accounts and combat financial scams.
AFASA noted the government’s proactive stance in tackling financial crimes and ensuring a secure financial environment.
The ECCP said it would continue to collaborate with both the government and the private sector to further enhance the Philippines’ AML/CTF framework.
The ECCP said it expects the country to emerge as a more attractive destination for both local and foreign investments.