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.
This story is from the December 04, 2024 edition of The Philippine Star.
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This story is from the December 04, 2024 edition of The Philippine Star.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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