The European Chamber of Commerce of the Philippines (ECCP) hailed the country’s removal from the Financial Action Task Force’s (FATF) grey list, saying this will bolster investor confidence and promote sustainable economic growth in the Philippines.

The Financial Action Task Force has also added Laos and Nepal to its list of nations subject to “increased monitoring.”

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

As of 20 February, the Philippines is no longer on a global grey list of countries at increased risk for financial crimes.

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 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,