THE Philippines’ removal from the Financial Action Task Force (FATF) gray list is expected to improve the overall investment climate and enhance confidence, the European Chamber of Commerce of the Philippines (ECCP) said.
“The ECCP believes that the Philippines’ exit from the FATF gray list will significantly enhance its attractiveness as a prime destination for local and foreign investment, fostering a more stable and secure business climate,” the ECCP said in a statement on Tuesday.
The FATF recently removed the Philippines from the category of jurisdictions requiring increased monitoring for “dirty money.” The Philippines had been on the list since June 2021.
The ECCP noted substantial progress in the implementing policies to counter money laundering and terrorism financing.
In particular, the ECCP said that the Anti-Financial Account Scamming Act (AFASA) passed in July 2024 helps strengthen the integrity of financial accounts and the overall financial system.
“The chamber reiterates its support for the effective implementation of AFASA, which will further empower financial institutions to protect client accounts and combat financial account scamming,” it said.
“The passage of AFASA demonstrates the government’s proactive approach to addressing financial crimes and ensuring a secure financial environment,” it added. — Justine Irish D. Tabile
