Philippines cleared from dirty money watchlist after four years  

The Financial Action Task Force (FATF), a group that fights money laundering and terrorism financing, announced the country’s removal from the list.

The Philippines was placed on the FATF’s “grey list” in 2021 because its financial system was seen as weak in stopping illegal money flows.

Being on this list meant that the country was under close monitoring and had to fix problems in its system to avoid stricter global restrictions.

To meet FATF’s standards, the government took strong steps to prevent dirty money from moving through the country.

This included shutting down offshore gaming operators that were being used for illegal activities and tightening rules on casinos.

The government also made financial transactions more transparent and improved how authorities track and investigate suspicious money movements.

FATF officials said the Philippines showed real progress, including increasing money laundering investigations, applying stricter rules on money transfers, and making sure law enforcement had better access to financial records. These changes convinced FATF to remove the country from the list.

Government officials welcomed the news, saying it would help attract more foreign investments and make sending money cheaper and faster for millions of Filipinos working abroad.

According to them, it also improves the country’s reputation in the global financial system.

The FATF warned that the Philippines must keep these reforms in place and prove by 2027 that it can sustain them. If not, it risks being placed back on the list.