Manila, Feb. 25 -- The European Chamber of Commerce of the Philippines (ECCP) hailed the country's removal from the Financial Action Task Force's (FATF) grey list, saying this will bolster investor confidence and promote sustainable economic growth in the Philippines.

In a statement Tuesday, ECCP said a key factor contributing to this success is the enactment of the Anti-Financial Account Scamming Act (AFASA) in July 2024.

The ECCP commended the passage of AFASA, highlighting its role in strengthening the integrity of financial accounts and the overall financial system.

The law empowers financial institutions to better protect client accounts and combat financial account scamming, reinforcing public trust in the financial sector.

"The...