MANILA — The Philippines is not on the Financial Action Task Force's (FATF) latest black list of non-cooperative countries, Malacaang said, according to a media report published here, Saturday. Deputy presidential spokesperson Abigail Valte, in a press statement, said the the Anti-Money Laundering Council (AMLC) reported Friday that the Financial Action Task Force (FATF) responded positively to the initiatives of the Philippine government to enhance its transparency and accountability mechanisms in financial transactions. She said Bangko Sentral ng Pilipinas Governor Amando M. Tetangco, Jr. told President Benigno Aquino in a letter that the FATF has recognized the reforms launched by the Philippine government. The FATF, an international body promoting policies to combat money laundering and terrorist financing, upgraded the Philippines from the “dark grey list" to its “grey list." “The country was previously under the ‘dark grey list,' which refers to jurisdictions not making sufficient progress, and is now in the ‘grey list,' which signifies that we are making sufficient progress in addressing deficiencies in our Action Plan," Valte said. — Agencies
