ECCP: PH removal from FATF gray list boosts investor confidence
MANILA, Philippines – The European Chamber of Commerce of the Philippines (ECCP) hailed the country’s removal from the Financial Action Task Force’s (FATF) grey list, saying this will bolster investor confidence and promote sustainable economic growth in the Philippines.
In a statement Tuesday, ECCP said a key factor contributing to this success is the enactment of the Anti-Financial Account Scamming Act (AFASA) in July 2024.
The ECCP commended the passage of AFASA, highlighting its role in strengthening the integrity of financial accounts and the overall financial system.
READ: PH finally exits dirty money ‘grey list’
The law empowers financial institutions to better protect client accounts and combat financial account scamming, reinforcing public trust in the financial sector.
“The passage of AFASA demonstrates the government’s proactive approach to addressing financial crimes and ensuring a secure financial environment. The ECCP remains committed to working with the government and private sector to further strengthen the Philippines’ AML/CTF (anti-money laundering and counter-terrorism financing) regime,” the business group said.
The statement added that aside from boosting investor confidence, the improved AML/CTF framework is expected to facilitate smoother financial transactions and international trade, positioning the Philippines as a competitive player in the global market.
“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 investments, fostering a more stable and secure business climate,” it said.
The FATF gray list includes countries under increased monitoring for deficiencies in their AML/CTF systems. Being delisted indicates that the Philippines has made substantial progress in addressing strategic deficiencies.
This achievement reflects the Marcos administration’s commitment to implementing robust financial regulations to safeguard the integrity of the financial system, the group added.
“The plenary agreed to take the Philippines off the gray list in recognition of the completion of their action plan, which was agreed in June of 2021. Amongst other efforts and results, the Philippines is now actively combating the risk of dirty money flowing through casinos in the country,” FATF president Elisa de Anda Madrazo said in a briefing last week.
