Manila, Feb. 22 -- The Philippines' removal from the Financial Action Task Force's (FATF) grey list will strengthen the country's position as an "attractive destination" for foreign direct investment (FDI), the Anti-Money Laundering Council (AMLC) said on Saturday.

In a statement, the AMLC said the Philippines' exit from the grey list is a milestone that underscores the country's commitment to combat money laundering and terrorist financing.

"Countries in the FATF grey list are placed under increased monitoring. This is a burdensome process for banks and other financial institutions. This process discourages correspondent banking relationships and international financial flows into the country," it said.

"Exiting the FATF grey list is...