On Saturday, Malacañang lauded President Ferdinand Marcos Jr. for his decisive leadership that paved the way for the Philippines’ removal from the Financial Action Task Force (FATF) grey list.
Claire Castro, Palace press officer and Presidential Communications Office Undersecretary, emphasized that President Marcos spearheaded essential policy reforms that significantly boosted the country’s defense against money laundering and terrorist financing.
“President Marcos’s dedicated efforts have led directly to the Philippines successfully exiting the FATF grey list,” Castro stated officially.
In 2021, the FATF, an international financial standards authority, had included the Philippines on its grey list, citing 18 problematic points related to financial crime prevention efforts in the country.
Castro noted that the Philippines initially landed in FATF’s grey category due to previous shortcomings, particularly weak oversight of gambling operators, notably the controversial Philippine Offshore Gaming Operators (POGOs).
Under Marcos’s administration, critical reforms were enacted to tackle these deficiencies decisively. Among these efforts were Executive Order (EO) 33, establishing a clear strategy to combat money laundering and terrorism financing from 2023 through 2027, and EO 74, which banned all operations of POGOs nationwide.
“The President remains strongly committed to continuously supervising and fighting against money laundering, illicit finance, and terrorism-related activities,” added Castro.