PBBM elated over global 'grey list' exit

President Ferdinand R. Marcos Jr. announced on Wednesday that the Philippines has exited the Financial Action Task Force (FATF).

The significant achievement — along with the country’s success in addressing radicalization and fostering trust within communities — was highlighted during the 33rd Anti-Terrorism Council regular meeting and year-end celebration.

Marcos said the move will benefit millions of Filipinos, from smoother remittances for overseas workers to increased investor confidence that bolsters the country’s economy.

“I know that it’s not spoken about a great deal in the public domain but nonetheless, as an obstacle to the continuing transformation of our economy, to the continuing transformation of our place in the world, this, us exiting from the Grey List is a significant move,” Marcos said.

The President credited the collaboration of various agencies, private sector stakeholders, and public servants for these successes. He emphasized that when everyone works together, significant goals can be achieved.

He explained that the Financial Action Task Force (FATF) is an intergovernmental organization that sets international standards to combat money laundering and terrorism financing.

Being on the FATF’s grey list means a country is under increased monitoring to improve its anti-money laundering and counter-terrorism financing (AML/CFT) regime.

As of October 2023, the Philippines was one of 23 countries on the grey list. To exit, the country had to implement improvements in various areas, including designated non-financial businesses and professions (DNFBPs), casino junkets, beneficial ownership information, and cross-border declaration measures.

Also, the President highlighted the Anti-Terrorism Council’s role in addressing terrorism threats and stressed the importance of empowering local leaders, engaging the youth, and providing avenues for dialogue to prevent radicalization and foster trust within communities.

The President also acknowledged the Philippines’ role as a global partner in the fight against terrorism. By strengthening ties with international allies and regional organizations, the country has enhanced its capabilities to address transnational threats.

Marcos pointed out the government’s commitment to the safety and security of the Filipino people. The freezing of assets linked to terrorism and successful prosecutions demonstrate the nation’s determination to uphold the rule of law and ensure a peaceful future.