Philippines welcomes removal from money laundering ‘grey list’

A customer counts Philippine peso after selling US dollars at a money changer in Manila on September 8, 2008. (AFP)
Short Url
Updated 22 February 2025
Follow

Philippines welcomes removal from money laundering ‘grey list’

  • Marcos last year also banned offshore gaming operators, known locally as POGOs, that were said to be used as fronts by organized crime groups for human trafficking, money laundering, online fraud, kidnappings and even murder

MANILA: The Philippines on Saturday praised its removal from a global financial “grey list” of countries under increased monitoring for money laundering and terrorism financing, a status that can hamper global financial transactions.
The Southeast Asia nation had been on the Financial Action Task Force list, which identifies countries “working with it to correct deficiencies in their financial systems,” since 2021.
“The (Financial Action Task Force) removed the Philippines from its increased monitoring following a successful on-site visit and updated its statements on ‘high-risk and other monitored jurisdictions’,” the Paris-based group said after a Friday vote at its annual plenary.

HIGHLIGHT

The move would provide relief for more than 2 million Filipinos who work overseas and send remittances home each year.

The FATF, an international organization that coordinates global efforts to crack down on money laundering and terrorism financing, includes representatives from nearly 40 countries including the United States, China and South Africa.
In a statement Saturday, the Anti-Money Laundering Council in Manila hailed the FATF decision as a “milestone” that would bring a litany of benefits.
“The Philippines’ exit from the FATF greylist is expected to facilitate faster and lower-cost cross-border transactions, reduce compliance barriers, and enhance financial transparency,” it said.
The move would also provide relief for more than two million Filipinos who work overseas and send remittances home each year, the council added.
It singled out President Ferdinand Marcos’ 2023 signing of an executive order targeting money laundering and “counter-terrorism financing” as having played a key role in the decision.
Marcos last year also banned offshore gaming operators, known locally as POGOs, that were said to be used as fronts by organized crime groups for human trafficking, money laundering, online fraud, kidnappings and even murder.
But rights groups have accused the government of filing “baseless” charges against civil society groups to improve its standing with the FATF.
“This move by FATF, we are afraid, will be taken as a stamp of approval by the government and will thus very likely embolden them to continue, even intensify, the harassment,” Human Rights Watch senior researcher Carlos Conde told AFP on Saturday.
“While we recognize the need to stamp out money laundering — and FATF did acknowledge the supposed improvements the Philippine government did in this regard — there clearly is a need for the government to adhere to international human rights standards as it pursues this campaign.”

 


Tarique Rahman-led BNP set to form Bangladesh’s next government after major election win

Updated 13 February 2026
Follow

Tarique Rahman-led BNP set to form Bangladesh’s next government after major election win

  • Jamaat-e-Islami, banned during Hasina’s government, won 68 seats
  • Majority of Bangladeshis endorsed sweeping reforms in national referendum

DHAKA: The Bangladesh Nationalist Party, led by Tarique Rahman, is set to form the country’s next government after securing a more than two-thirds majority in the first elections since a student-led uprising in 2024 ousted ex-prime minister, Sheikh Hasina.

The BNP has won at least 209 seats out of the 299 contested, according to the latest election results released by the Election Commission on Friday, paving the way for Rahman to become the country’s next prime minister.

Jamaat-e-Islami, banned during Hasina’s 15 years in power, has registered its best performance yet, winning at least 68 seats and emerging as the main opposition party.

The National Citizen Party, which was born out of the 2024 protests, was in third place with six seats, including for its leader Nahid Islam, while Hasina’s Awami League was barred from participating in the elections.

The majority of Bangladeshis also reportedly voted “yes” in a national referendum on the “July National Charter” that was held alongside the general vote on Thursday.

Named after the month when the uprising that toppled Hasina began, the charter is aimed at achieving sweeping democratic reforms to prevent authoritarian administrations, including term limits for premiers, stronger presidential powers and greater judicial independence, while also proposing increased representation of women in parliament.

The BNP-led government is likely to follow the commitments made under the charter, said Prof. A.S.M. Amanullah, vice chancellor of the National University in Dhaka, adding that the implementation of the July charter was also included in the party’s election manifesto that covers reform of the state and rebuilding of the economy.

“Mr. Tarique Rahman is a highly trained politician, highly sensitive politician, and he takes decisions based on facts. I believe he prepared himself to run this country locally and play a role internationally,” Amanullah told Arab News.

Rahman is the son of former Prime Minister Khaleda Zia and former President Ziaur Rahman. He returned to Bangladesh late last year after nearly two decades of self-imposed exile in the UK, and assumed BNP’s leadership days later, following his mother’s death from a prolonged illness.

In an interview with Arab News earlier this week, the 60-year-old pledged to pursue accountability for the former leadership and meet the political and economic expectations of the youth movement that brought about the change.

The new government is likely to be a mix of young and old politicians, Amanullah said, with Jemaat-e-Islami set to balance out the BNP’s rule.

“This is a very good size of opposition to press the issues or to challenge the government on different issues, different policies and decisions of the government. I’m hopeful about Jemaat,” he said.

“The way the people voted for these major two parties, the BNP and Jemaat, I think if they could work jointly, Bangladesh should see a stable political situation in the near future.”

Mohiuddin Ahmad, a political analyst and researcher, described Jemaat-e-Islami as “the most organized party” in Bangladesh and that it would therefore play an “instrumental” role as the opposition party.

Voter turnout averaged 59.44 percent, the EC said, with many Bangladeshis considering this week’s vote as their first “free and fair” election after more than 17 years.

“Such a result of an election we haven’t actually experienced before,” Muhiuddin Iqbal, a history student at Dhaka University, told Arab News.

“The festive feeling has not gone yet, so we’re very much excited about it and hopeful for the future.”