A Department of Justice (DOJ) official announced that the Philippines is close to leaving the Financial Action Task Force (FATF) grey list. This grey list includes countries that are under increased scrutiny. Being on this list means that the country faces more examination regarding its financial practices. The official’s statement is positive news for the Philippines. It indicates that the country has made progress in addressing issues that led to its inclusion on the grey list. Leaving the grey list could improve the Philippines’ international reputation and attract more foreign investments.
DOJ Undersecretary Sounds Confident
During a briefing at the 2024 National Committee on Intellectual Property Rights High-Level Meeting, DOJ Undersecretary Jesse Hermogenes Andres expressed confidence about the upcoming discussion on the FATF grey list in October. He stated that it is likely the Philippines will exit the grey list due to its performance in various areas. He specifically mentioned the country’s efforts in protecting intellectual property rights as one of the factors contributing to this positive outlook. The meeting took place at the Admiral Hotel in Manila on Tuesday.
He also mentioned that the Philippines had been on the grey list for almost five years. He noted that 18 committed outcomes were required for the country to exit the grey list. He stated that they had already completed 15 of these outcomes, leaving only three remaining items. He added that the report was finalized just a month ago and that they expect the FATF to make a decision in October. Andres expressed confidence that the Philippines has successfully addressed the three remaining items.
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