Global dirty money watchdog Financial Action Task Force (FATF) included Philippines, and three more countries its “grey list” of countries under increased monitoring.
FATF said the Philippines, Malta, Haiti, and South Sudan were added to its grey list, while Ghana had been removed after the country had made progress.
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The Philippines was earlier warned that the country is in danger of being included in the list if it fails to make reforms to the country’s bank secrecy laws.
According to the International Monetary Fund (IMF), the inclusion in the grey list exposes the local financial system to significant risks and may affect foreign investments.
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The IMF furthered the country will face potentially face adverse effects on trade and remittances with serious anti-money laundering/counter financing of terrorism (AML/CFT) deficiencies. (RA)
