[Finterest] Getting off the FATF grey list. What does this mean for Philippine economy?

MANILA, Philippines – No less than President Ferdinand Marcos Jr. is celebrating after the Philippines officially got itself removed from the Financial

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The Philippines’ latest stint on the grey list started in February 2021, due to what the Financial Action Task Force called “strategic deficiencies” in its anti-money laundering and counter-terrorism financing frameworks. And it wasn’t the first time the country landed in financial hot water; the Philippines was blacklisted in 2000, cleaned up enough to get removed from the list in 2005, and then was greylisted in 2010 and 2021.

According to a BSP press release on May 6, the delisting is expected to improve cross-border transactions by lowering compliance costs and increasing transparency. It could also encourage international banks to re-engage with the Philippines, potentially boosting access to competitive financing for both businesses and consumers.Let’s start at the FATF. Created by the G7 nations in 1989, the FATF serves as an international watchdog combatting money laundering and terrorist financing.

In practice, this heightened scrutiny translates to longer compliance checks, additional documentation, and, in some cases, reduced willingness to engage. Financial institutions may choose to avoid doing business altogether when they want to limit how much risk exposure they have to certain countries or regions.

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