Phl moves closer to exiting FATF gray list

The Philippines may finally exit the global dirty money gray list early next year as the country is now up for verification of its reforms to address money laundering and terrorist and proliferation financing.

- LOUISE MAUREEN SIMEON

In a hybrid briefing late Friday night, the Paris-based Financial Action Task Force (FATF) said the Philippines has remained on the gray list, a status that it has held since June 2021.

While the Philippines stays on the gray list for now, FATF president Elisa de Anda Madrazo said the country has substantially completed its action plan.

"We are very happy to report and for me to share with you that this week, the plenary examined the progress of the Philippines and consider that the Philippines has indeed substantially completed the action plan," Madrazo said.

When a country is on a gray list, there is a need to draft an action plan containing certain items that must be addressed.