Step up efforts to exit FATF list – IMF official

THE Philippines should step up efforts to address deficiencies in its anti-money laundering and terrorist financing systems if it wants to attract investments, an International Monetary Fund (IMF) official said on Wednesday.

"The efforts to exit the FATF (Financial Action Task Force) gray list, which are ongoing, should be stepped up because they will reassure foreign investors, and this will contribute to reducing financial transaction costs," IMF Resident Representative for the Philippines Ragnar Gudmundsson said during a Manila Times Economic Forum.