Philippine President Ferdinand “Bongbong” Marcos Jr. (PBBM) shared on his recent Facebook that he wants to remove the Philippines from the global money laundering and terrorist financing watchdog, Financial Action Task Force (FATF)’s grey list, by 2024.
“We’re committed to safeguarding our OFWs (Overseas Filipino Workers) by making their transactions safer, reducing costs, and easing regulatory burdens to support them.”
Countries under the grey list of FATF are the ones actively cooperating with the FATF. These are jurisdictions under monitoring which signifies that the country has a commitment in seamlessly resolving the deficiencies within the agreed timeframes.
If the Philippines will fall into the blacklist, the remittances of OFWs to the Philippines will be affected. Atty Matthew M. David, the Executive Director of the Anti-Money Laundering Council (AMLC), shared that if the country is blacklisted the FATF will impose counter measures on the PH and international financial transactions of Filipinos abroad.
