The Philippines is no longer on the list of countries under heavy scrutiny by the top global money laundering and terrorism financing watchdog.

Authorities say this would help attract investments and aid overseas Filipino workers who send remittances through banks.

The Philippines has been removed from the Financial Action Task Force “grey list” of countries under increased monitoring for money laundering and

The Philippine government has welcomed the country’s removal from a global watchdog’s dirty-money list, which could spur remittances and foreign investments in one of Asia’s fastest-growing economies.

The Philippine government welcomed the country’s removal from a global watchdog’s dirty-money list, which could spur remittances and foreign investments in one of Asia’s fastest-growing economies. Most Read from BloombergTrump Targets $128 Billion California High-Speed Rail ProjectTrump to Halt NY Congestion Pricing by Terminating ApprovalTrump Asserts Power Over NYC,

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 Financial Action Task Force (FATF), a global anti-money laundering watchdog, said on Friday it had removed the Philippines from its 'grey' list of countries under increased scrutiny, while it added Laos and Nepal to that list.

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.