Malacañang on Saturday said President Ferdinand Marcos Jr.’s leadership was instrumental in the Philippines’ removal from the Financial Action Task Force (FATF) grey list.
Palace Press Officer Claire Castro credited Mr. Marcos for driving key reforms that strengthened the country’s fight against money laundering and terrorism financing.
“Due to the efforts of our President, we have successfully removed our country from the Financial Action Task Force grey list,” Castro said in a statement.
The FATF, an international watchdog, placed the Philippines on its grey list in 2021 after identifying 18 deficiencies in its financial crime prevention measures.
According to Castro, the country’s inclusion was due to the past administration’s lack of regulatory supervision on gambling operations, including the highly controversial POGOs.
The Marcos administration implemented significant reforms to address these concerns, including Executive Order 33, which laid out the country’s anti-money laundering and counter-terrorism financing strategy for 2023-2027, and EO 74, which imposed a ban on all POGOs in the country.
“Our President will not stop controlling and preventing activities related to money laundering and terrorist financing,” Castro said.
For his part, former senator Panfilo Lacson said the country’s removal from the grey list should lead to more job opportunities as it increases investor confidence in the country.
Lacson credited various legislative measures for this achievement, including the passage of the Anti-Terrorism Act of 2020 and the strengthening of the Anti-Money Laundering Act (AMLA), both of which he authored, co-authored, or sponsored.
“When we are removed from the grey list, investors will be more confident in doing business here. The provisions of the Anti-Terrorism Act concerning terrorist financing and the Anti-Money Laundering Act also play a significant role,” he said.
Editor’s Note: This is an updated article. Originally posted with the headline “Malacañang credits Philippine exit from FATF grey list to Marcos.”