Paris, France —  A global anti-money laundering watchdog said Friday it had removed the Philippines from its list of countries subject to increased monitoring, while adding Laos and Nepal.

The Financial Action Task Force (FATF), a Paris-based organisation that reviews efforts by more than 200 countries and jurisdictions to prevent money laundering and terrorism financing, compiles a "grey list" of nations that are subject to increased monitoring of financial transactions.

"The FATF Plenary congratulated the Philippines for the positive progress in addressing the strategic anti-money laundering and countering the financing of terrorism and proliferation financing deficiencies" that had been identified, it said following a regular meeting.

While removing the Philippines from the grey list, the FATF added Laos and Nepal, bringing the total number of countries on the list to 25.

Other grey list nations include Bulgaria, Croatia, Haiti, Monaco, Nigeria, South Sudan and Yemen

The FATF said being added to the grey list "means the country has committed to implement an action plan to resolve swiftly the identified strategic deficiencies within agreed timeframes."

The FATF also has a "black list" of nations that are considered high-risk jurisdictions, which includes Iran, Myanmar and North Korea.