"Gray list exit to boost investments into Phl'

The International Monetary Fund (IMF) has urged the Philippines anew to continue its efforts to be taken out of the gray list of global dirty money watchdog Financial Action Task Force (FATF), as doing so will encourage more investments into the country.

- KEISHA TA-ASAN

Elif Arbatli Saxegaard, mission chief of the IMF's recent staff visit to the Philippines, said the country should continue its progress in strengthening its anti-money laundering/combating the financing of terrorism (AML/CFT) framework.

"Completion of the Philippines' Action Plan with the FATF is critical to improve the business environment and encourage foreign direct investments," she said.

The Philippines was reincluded in the gray list in June 2021 after a mutual evaluation report of the Asia-Pacific Group on money laundering (APG) showed that the country failed to address 18 deficiencies in AML/CFT controls.

Three years after its inclusion, the Philippines was still retained in the list of jurisdictions under increased monitoring in February as the country has yet to address the remaining strategic deficiencies.