The Financial Action Task Force (FATF), a global anti-money laundering watchdog, said on Friday it had removed the Philippines from its 'grey' list of countries under increased scrutiny, while it added Laos and Nepal to that list.

The Financial Action Task Force (FATF) has removed the Philippines from its grey list following a successful on-site evaluation, praising the countrys progress in strengthening anti-money laundering measures.

MANILA: After more than three years, the Philippines has finally exited the "grey list" of Paris-based watchdog Financial Action Task Force (FATF), which commended the country for plugging all the holes in its defenses against dirty money and terrorism financing.

The Financial Action Task Force (FATF) has removed the Philippines from its 'grey' list, indicating reduced scrutiny for the country. Meanwhile, Laos and Nepal have been added to this list. The membership of Russia in the FATF continues to be suspended,

The Philippines celebrates its removal from the FATF 'grey list', a move expected to ease financial transactions and benefit over two million overseas Filipino workers.

After more than three years, the Philippines is finally out of the Financial Action Task Force’s (FATF) grey list or list of jurisdictions under increased monitoring. In a statement late Friday, the FATF said the Philippines made significant progress improving its anti-money laundering and counter-terrorism financing (AML/CTF) regime.

The Philippines has been taken off a global watchdog’s dirty-money list, a move that could spur remittances and foreign investments in one of Asia’s fastest-growing economies.