FATF Updates: Philippines Off Grey List, Laos and Nepal Added

The Financial Action Task Force (FATF) has removed the Philippines from its 'grey' list, indicating reduced scrutiny for the country. Meanwhile, Laos and Nepal have been added to this list. The membership of Russia in the FATF continues to be suspended, reflecting ongoing geopolitical tensions.

The Financial Action Task Force (FATF), an international entity dedicated to combating money laundering, announced a significant update on Friday. The Philippines has been removed from the 'grey' list, a designation that subjects countries to heightened scrutiny.

This development highlights a positive change for the Philippines as it will no longer face the increased monitoring that accompanies entry on this list. Conversely, Laos and Nepal have joined the list, which will bring them under more stringent observation by the task force.

In other updates, FATF confirmed that Russia's membership is still suspended, a measure reflecting ongoing global geopolitical dynamics.

(With inputs from agencies.)