The Philippines on Saturday praised its removal from a global financial “grey list” of countries under increased monitoring for money laundering and terrorism financing, a status that can hamper global financial transactions.
The Southeast Asian nation had been on the Financial Action Task Force list, which identifies countries “working with it to correct deficiencies in their financial systems,” since 2021.
“The Financial Action Task Force removed the Philippines from its increased monitoring following a successful on-site visit and updated its statements on ‘high-risk and other monitored jurisdictions’,” the Paris-based group said after a Friday vote at its annual plenary.
The FATF, an international organisation that coordinates global efforts to crack down on money laundering and terrorism financing, includes representatives from nearly 40 countries including the United States,…
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