The Department of Justice (DOJ) has commended the efforts of prosecutors and law enforcement agencies following the Philippines’ removal from the Financial Action Task Force’s (FATF) grey list, which signifies countries under increased monitoring for money laundering and terrorism financing risks.
Justice Secretary Jesus Crispin Remulla personally recognized Deputy State Prosecutor Deana Perez and Senior Assistant State Prosecutor Rex Guingoyon for their leadership in strengthening investigations and prosecutions of financial crimes. He also credited various law enforcement agencies, including the Philippine National Police-Criminal Investigation and Detection Group (PNP-CIDG), National Bureau of Investigation (NBI), and the Anti-Money Laundering Council (AMLC), for their contributions.
The FATF, an international watchdog based in Paris, announced the country’s removal from the list on Saturday, noting that the Philippines had successfully addressed deficiencies identified in 2021. Since then, authorities implemented an 18-point action plan to bolster anti-money laundering and counter-terrorism financing measures, leading to the decision.
The DOJ emphasized that this milestone reflects the country’s commitment to financial integrity, with DOJ Undersecretary Jesse Hermogenes Andres stating that prosecutors play a crucial role in combating financial crimes.
Malacañang welcomed the FATF’s decision, with Executive Secretary Lucas Bersamin saying that the country’s exit from the grey list enhances investor confidence and economic growth. The AMLC echoed this sentiment, highlighting that the move will ease financial transactions and encourage international banking partnerships.
