President Ferdinand R. Marcos Jr. on Monday hailed the Philippines’ removal from the Financial Action Task Force (FATF) “grey list” as a major national victory in the fight against money laundering, terrorism financing, and other illicit financial activities.
“With this announcement, the Philippines emerges victorious in our fight against money laundering and terrorism financing,” President Marcos said during a recognition ceremony at Malacañan Palace. “For Filipinos, exiting the grey list means easier, more affordable financial transactions.”
He emphasized that this milestone not only boosts the country’s global financial credibility but also directly benefits overseas Filipino workers (OFWs) and local businesses.
“Our OFWs can now send money home at lower costs, and Filipino businesses will face fewer barriers in accessing international financing, which in turn fosters greater foreign investment,” the President said.
The FATF grey list includes countries under increased monitoring due to deficiencies in combating financial crimes. Inclusion can lead to heightened scrutiny, reduced investor confidence, and increased transaction costs. The Philippines was placed on the list in June 2021 due to concerns such as money laundering linked to casino junkets and limited prosecution of terrorism financing cases.
The FATF—a 40-member international watchdog—announced on February 21, 2025, that the Philippines had been delisted following significant reforms.
President Marcos credited this achievement to the collective efforts of government agencies and stakeholders across sectors. He highlighted the implementation of Memorandum Circular No. 37, issued on October 16, 2023, which directed all concerned agencies to urgently address the remaining action items under the FATF’s International Cooperation Review Group (ICRG) Action Plan.
By October 2024, the Philippines had successfully completed all required reforms, thanks to a whole-of-government approach involving the private sector, judiciary, and law enforcement.
The ICRG Action Plan serves as a roadmap for countries to strengthen safeguards against financial crimes and align with global standards. Completion of the plan signals that a country has made sufficient progress in enhancing its regulatory framework and enforcement capacity.
“This accomplishment reinforces our commitment to building a trustworthy financial system and restoring global confidence in our institutions,” President Marcos added. “It is a critical step in our path toward inclusive and sustainable economic growth.”
