Manila, Philippines – President Ferdinand Marcos Jr. has promised to clean up problems left by the last administration, especially those related to illegal money activities. This includes stopping money laundering (hiding illegal money to make it look legal) and preventing criminals from using money for bad activities like terrorism.
On Saturday, Palace Press Officer Claire Castro shared this good news after the Philippines was finally removed from an important list called the Financial Action Task Force (FATF) grey list.
What is the FATF Grey List?
The FATF is a global organization that checks if countries are doing a good job in stopping illegal money movements. If a country is put on the grey list, it means there are problems with its rules, and it must improve. If a country is placed on the blacklist, it means the situation is very bad, and it may face strict penalties from other nations.
The Philippines was put on the grey list in 2021 because of weak financial rules. This happened during the time of former President Rodrigo Duterte. There were 18 issues that needed to be fixed, such as problems with gambling businesses, weak laws to stop terrorist financing, and delays in enforcing the Anti-Terrorism Act of 2020.
What Went Wrong in the Past?
During Duterte’s time, the FATF found many weaknesses. One big problem was that Philippine Offshore Gaming Operators (POGOs)—foreign-run online casinos—were not being properly monitored. There were also reports of financial scams and suspicious money movements, especially during the COVID-19 pandemic. Some government agencies were accused of ignoring these issues instead of fixing them.
What Did President Marcos Do?
To solve these problems, President Marcos issued Executive Order 33, which told government agencies to take quick action to improve the country’s financial rules. His efforts helped the Philippines get removed from the grey list.
Palace official Claire Castro called this a huge victory for the country. She said that the FATF recognized the Philippines’ improvements, and the Marcos administration will continue working to ensure the country never gets placed on the grey list or blacklist again.
“This is a big accomplishment for the President,” Castro said. “We must stay strong and never let these issues return.”
With these new policies, the government hopes to protect the country’s financial system and prevent criminals from using money for illegal activities in the future.
