The Philippine government welcomed the country's removal from a global watchdog's dirty-money list, which could spur remittances and foreign investments in one of Asia's fastest-growing economies.

The Philippines is no longer on the list of countries under heavy scrutiny by the top global money laundering and terrorism financing watchdog.

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.

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 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.

The Philippines is set to enjoy lower foreign remittance costs for its millions of workers overseas and better investor perception following its removal from the global dirty money “gray list,” which had put the country’s system against money laundering and terrorism financing under heightened scrutiny for over three years.

The Philippine government welcomed the country’s removal from a global watchdog’s dirty-money list, which could spur remittances and foreign investments in one of Asia’s fastest-growing economies. The Financial Action Task Force’s (FATF) decision to take Manila off the list is expected to “facilitate faster and lower-cost cross-border transactions,

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.