The Philippines’ removal from the Financial Action Task Force’s (FATF) “gray list” of countries under strict monitoring for money laundering and terrorism financing signals progress in the country’s efforts to combat financial crimes.

The FATF, an international financial watchdog, includes nations in the “gray list” when they fail to adequately address financial crime risks.

The Philippines was placed on the list four years ago, committing to an 18-point action plan to strengthen its response to money laundering and terrorism financing.

With the country now meeting FATF requirements, it will no longer be subject to increased monitoring, a development welcomed by the Department of Justice (DoJ), which has played a role in the government’s financial crime crackdown.

DoJ Undersecretary Jesse Hermogenes T. Andres acknowledged the role of the National Prosecution Service in regional inter-agency task forces tackling money laundering and terrorism financing.

“Prosecutors are a vital cog in the proactive effort to investigate and prosecute all forms of financial crimes to maintain the country’s financial integrity,” Andres said.

Deputy State Prosecutor Deana Perez, head of the Task Force on Anti-Money Laundering, and Senior Assistant State Prosecutor Rex Guingoyon, head of the Task Force on Terrorism Financing, were among those credited for their efforts in strengthening investigations and prosecutions in these areas.