After more than three years, the Philippines is finally out of the Financial Action Task Force’s (FATF) grey list or list of jurisdictions under increased monitoring. In a statement late Friday, the FATF said the Philippines made significant progress improving its anti-money laundering and counter-terrorism financing (AML/CTF) regime.

The Philippines has been taken off a global watchdog’s dirty-money list, a move that could spur remittances and foreign investments in one of Asia’s fastest-growing economies.