Phl lauded for reforms to exit FATF gray list

A United Nations official yesterday said the Philippines is achieving a "significant milestone" on the international stage because of reforms it undertook to exit the gray list, as required by dirty money watchdog Financial Action Task Force (FATF).

- By ALEXIS ROMERO

During the fifth state conference on the UN Convention Against Corruption implementation and review at Malacañang, UN Office on Drugs and Crime country manager Daniele Marchesi lauded the country's efforts on financial reforms.

"All 18 action items required by the Financial Action Task Force, FATF, to exit the gray list of jurisdictions under increased monitoring for the anti-money laundering and counter-financing of terrorism have been addressed," the UN official said.

"At its October 2024 plenary, the FATF recognized this progress and announced that an on-site assessment would be conducted to confirm the sustainability of these reforms," he added.

Marchesi said successfully exiting the gray list would enhance the Philippines' reputation in the international financial community and open doors for greater investment and economic opportunities.

The gray list contains jurisdictions that are actively working with the FATF to fix strategic deficiencies and to counter money laundering, terrorist financing and proliferation financing.

When a jurisdiction is under increased monitoring, it means the country has committed to swiftly address the identified strategic deficiencies within agreed timeframes.