More reforms needed

EDITORIAL

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Four years after being placed under close monitoring by global dirty money watchdog Financial Action Task Force, the Philippines has finally exited the gray list of the Paris-based FATF.

The country was placed on the gray list in June 2021 for failure to address deficiencies tagged by the FATF. Following talks with Philippine officials in Paris from Feb. 17 to 20, the FATF deemed the country to have achieved significant progress in strengthening measures on anti-money laundering and combating terrorism and proliferation financing.