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Malacañang on Saturday welcomed the Paris-based Financial Action Task Force ’s decision to remove the Philippines from its list of jurisdictions notorious for being safe havens of money laundering and terrorism financing.Following its three-day plenary, the FATF announced the country is no longer under its increased monitoring for dirty money, nearly four years since its inclusion in the so-called “ grey list .
“This seal of good financial housekeeping benefits overseas Filipinos as it would make cross-border transactions faster and cheaper as layers of compliance barriers are removed,” Bersamin said.“This hard-fought administration win in its battle against money laundering will be preserved and protected through consistent compliance with global standards,” the Palace official added.
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