'FATF gray list exit to boost economy'

IMPROVED REPUTATION, INVESTOR CONFIDENCE

- KEISHA TA-ASAN

The removal of the Philippines from the gray list of global dirty money watchdog Financial Action Task Force (FATF) is expected to have significant benefits and economic implications for the country, the Anti-Money Laundering Council (AMLC) said.

In an email interview, the AMLC told The STAR that exiting the global dirty money gray list would improve the reputation of the Philippine economy.

This would then increase “the reputation and investor confidence of the Philippines, which positively affect the potential influx of foreign investments,” the AMLC said.

It said that exiting the gray list could also improve the business relationships or financial transactions of Philippine businesses and persons with their foreign counterparts.

It could also alleviate the administrative burden imposed on the private sector and government agencies working on anti-money laundering and counter-terrorism financing (AML/CTF) measures due to the period of reporting to the FATF.