Marcos Jr. commends gov’t officials for removal of PH from FATF gray list | ABS-CBN
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Marcos Jr. commends gov’t officials for removal of PH from FATF gray list
Marcos Jr. commends gov’t officials for removal of PH from FATF gray list
MANILA — President Ferdinand Marcos Jr. on Monday awarded Cabinet members and other government officials who were instrumental in removing the Philippines from the Financial Action Task Force’s (FATF) gray list, a feat which the Chief Executive described as a “very, very important achievement.”
MANILA — President Ferdinand Marcos Jr. on Monday awarded Cabinet members and other government officials who were instrumental in removing the Philippines from the Financial Action Task Force’s (FATF) gray list, a feat which the Chief Executive described as a “very, very important achievement.”
The Philippines announced that it has been removed from the gray list in February 2025, over 3 years after the country was flagged for “strategic deficiencies” in terms of the entry and exit of suspected illegal funds.
The Philippines announced that it has been removed from the gray list in February 2025, over 3 years after the country was flagged for “strategic deficiencies” in terms of the entry and exit of suspected illegal funds.
“With that announcement, the Philippines emerged victorious in our fight against money laundering and terrorism financing,” Marcos Jr. said.
“With that announcement, the Philippines emerged victorious in our fight against money laundering and terrorism financing,” Marcos Jr. said.
“For us Filipinos, exiting the grey list means a simpler, more affordable financial system of transactions. It means our OFWs can send money home at a lower cost,” he said.
“For us Filipinos, exiting the grey list means a simpler, more affordable financial system of transactions. It means our OFWs can send money home at a lower cost,” he said.
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“It also means that our businesses face fewer hurdles in securing international financing, which encourages—foreign investment,” he added.
“It also means that our businesses face fewer hurdles in securing international financing, which encourages—foreign investment,” he added.
"The Philippines’ “inclusion in the FATF Grey List was a serious obstacle for not just OFWs but in many, many ways,” Marcos Jr. said.
"The Philippines’ “inclusion in the FATF Grey List was a serious obstacle for not just OFWs but in many, many ways,” Marcos Jr. said.
“It brought reputational risks that affected our global standing—raising red flags for investors, adding layers of scrutiny to our business[es] and financial institutions,” he said.
“It brought reputational risks that affected our global standing—raising red flags for investors, adding layers of scrutiny to our business[es] and financial institutions,” he said.
The Philippines’ removal from the list deserves to be celebrated and commended as “this success is proof of what we, as a nation, as a government, and as a people, can achieve if we work together,” the Chief Executive said.
The Philippines’ removal from the list deserves to be celebrated and commended as “this success is proof of what we, as a nation, as a government, and as a people, can achieve if we work together,” the Chief Executive said.
Among those who received a certificate of commendation from the President are as follows:
Among those who received a certificate of commendation from the President are as follows:
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- Executive Secretary Lucas Bersamin
- Executive Secretary Lucas Bersamin
- Bangko Sentral ng Pilipinas Governor Eli Remolona Jr.
- Bangko Sentral ng Pilipinas Governor Eli Remolona Jr.
- Interior Secretary Jonvic Remulla
- Interior Secretary Jonvic Remulla
- Justice Secretary Jesus Crispin Remulla
- Justice Secretary Jesus Crispin Remulla
- Trade Secretary Cristina Roque
- Trade Secretary Cristina Roque
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- Philippine Amusement and Gaming Corporation Chairman Alejandro Tengco
- Philippine Amusement and Gaming Corporation Chairman Alejandro Tengco
- Philippine Coast Guard Commandant Admiral Ronnie Gil Gavan
- Philippine Coast Guard Commandant Admiral Ronnie Gil Gavan
Marcos Jr. emphasized that the Philippines needs to work further to ensure that there will be “stronger safeguards against money laundering, terrorist financing, and proliferation financing: threats that have no place in a nation that is on the path towards genuine and inclusive growth.”
Marcos Jr. emphasized that the Philippines needs to work further to ensure that there will be “stronger safeguards against money laundering, terrorist financing, and proliferation financing: threats that have no place in a nation that is on the path towards genuine and inclusive growth.”
“Today marks a victory, but let me be clear: The work is not yet finished. The journey continues. More importantly, we need to exert twice the effort to sustain our progress,” the President said.
“Today marks a victory, but let me be clear: The work is not yet finished. The journey continues. More importantly, we need to exert twice the effort to sustain our progress,” the President said.
“We must work even harder to institutionalize reforms. We must tighten our enforcement against money laundering and terrorism financing. We must strengthen our financial system so that it can withstand the more sophisticated and technologically advanced challenges faced by the financial sector,” he said.
“We must work even harder to institutionalize reforms. We must tighten our enforcement against money laundering and terrorism financing. We must strengthen our financial system so that it can withstand the more sophisticated and technologically advanced challenges faced by the financial sector,” he said.
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“The challenge to all of us is to never allow our country to slip into the grey list again.”
“The challenge to all of us is to never allow our country to slip into the grey list again.”
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