Marcos: PH making progress in efforts to exit international grey list

President Ferdinand ''Bongbong'' Marcos Jr. highlighted Wednesday the Philippines' progress in efforts to exit the Financial Action Task Force's (FATF) grey list.

Marcos made the remark during the 33rd Anti-Terrorism Council regular meeting and year-end celebration.

''Another noteworthy achievement is our progress toward exiting from the Financial Action Task Force or FATF Grey List. This is a very, very important item,'' Marcos said.

''I know that it’s not spoken about a great deal in the public domain but nonetheless, as an obstacle to the continuing transformation of our economy, to the continuing transformation of our place in the world, this, us exiting from the Grey List, is a significant move,'' he added.

According to Marcos, this milestone will benefit millions of Filipinos from smoother remittances for overseas workers to increased investor confidence that bolsters the country's economy.

''These successes were made possible through the collaboration of various agencies, private sector stakeholders, and tireless public servants. It reminds us that when we move as one, we can achieve goals that resonate across borders, across generations,'' he said.

In 2021, the Philippines, Haiti, Malta, and South Sudan were placed on a "grey list" of countries under increased monitoring to counter money laundering and terrorist financing.

The Financial Action Task Force (FATF), an international organization that coordinates global efforts to crack down on money laundering and terrorism financing, said nations on the list are working with it to correct deficiencies in their financial systems.

The FATF had said that when a country is included in the grey list, it means the country has been actively working with the FATF to address strategic deficiencies in their regimes to counter money laundering, terrorist financing, and proliferation financing. —KG/AOL, GMA Integrated News