President Ferdinand Marcos Jr. wants to intensify the government's efforts to prevent the country from slipping back to the Financial Action Task Force (FATF) grey list.

In his speech during the recognition ceremony for the Champions of Philippines' FATF Grey List Exit in Malacanang Monday, Marcos disclosed the importance of tightening law enforcement and boosting the country's financial system.

"We must strengthen our financial system so that it can withstand the more sophisticated and technologically advanced challenges faced by the financial sector," he added.

FATF sets standards to combat money laundering and terrorist financing.

It placed the country in its grey list in June 2021 after it identified deficiencies in the implementation of its rules and regulation against money laundering and terrorist financing.

Last February, the country was finally removed from the FATF grey list after an interagency taskforce was able to address deficiencies such as regulatory supervision in gambling operations related to Philippine Offshore Gaming Operators (POGOs).

The country's exit from the FATF grey list, Marcos said, will allow overseas Filipino workers (OFW) to send money home at a lower cost; encourages foreign investments; and impose stronger safeguards against money laundering, terrorist financing, and proliferation financing. DMS