OFWs to benefit from PH removal from FATF ‘gray list’

DMW Sec. Hans Leo Cacdac —Arnel Tacson/INQUIRER.net

MANILA, Philippines — Overseas Filipino workers (OFWs) will be primary beneficiaries of the Philippines’ removal in February from the “gray list” of the global Financial Action Task Force (FATF), according to the Department of Migrant Workers.

“It’s good news for our OFWs and their families, as the removal of the Philippines from the FATF gray list means lower remittance fees for our modern-day heroes and more secure financial transactions,” Migrant Secretary Hans Leo Cacdac said.

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OFWs and businesses will now have easier access to international financial transactions, with the requirements for international money transfers also being reduced.

The Philippines has been on the FATF gray list since it was first issued in 2000 because of its bank deposit secrecy law and lax implementation of anti-money laundering measures.

It was delisted in 2005 but again made the list in 2021 due to regulatory deficiencies in relation to money laundering in casinos and a lack of prosecution for terrorism funding cases. —Jacob Lazaro