Anti-money laundering watchdog adds the Philippines to its ‘grey list’

The international body that examines and grades countries’ efforts at helping to prevent money laundering has reportedly placed the Philippines on its ‘grey list’ and recommended that the jurisdiction up its efforts at stamping out financial crimes.

According to a report from GGRAsia, the move from the Financial Action Task Force (FATF) could now make it more difficult for the archipelagic nation of some 107 million people to attract foreign sources of investment and capital. The source detailed territories on this ‘grey list’ are obliged to work with the regulator to improve their anti-money laundering protocols and submit associated progress reports at least three times a year.

Hazardous history:

The Philippines was reporte…