THE country is expected to gain significant advantages after its removal from the Financial Action Task Force’s (FATF) grey list last February, according to government officials with key contributions in the exit recognized by President Ferdinand R. Marcos Jr.
THE country is expected to gain significant advantages after its removal from the Financial Action Task Force’s grey list last February, according to government officials with key contributions in the exit recognized by President Ferdinand R. Marcos Jr.
“Through concerted reforms, government agencies fortified the integrity of our financial system and reaffirmed our nation’s commitment to combating financial crimes,” BSP Governor and Anti-Money Laundering Council Chairman Eli M. Remolona Jr. said. The BSP said that the Philippines’s removal from the FATF’s grey list will help improve cross-border transactions by bringing down costs, simplifying compliance and improving financial transparency.
The President also recognized other agencies, such as the Department of the Interior and Local Government , Department of Justice , Department of Social Welfare and Development , Department of Trade and Industry , Office of the Ombudsman, National Bureau of Investigation and the Philippine Coast Guard .
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