The Philippines is no longer on the European Commission’s (EC) AML/CFT high-risk list. This shows the country has improved its fight against money laundering and terrorism financing. The Philippines met international standards to tackle financial crime.
The European Commission is the executive arm of the European Union (EU). It watches countries with weak anti-money laundering and counter-terrorism rules. The Philippines, along with Barbados, Jamaica, Senegal, and Uganda, was removed after fixing key issues. These issues were first pointed out by the Financial Action Task Force (FATF).
Earlier this year, the Philippines also left the FATF grey list. This proves the country is making steady progress. The government improved rules on casinos, financial intelligence, and non-financial businesses.
Bangko Sentral ng Pilipinas Governor Eli Remolona Jr. welcomed the news. However, the European Parliament still needs to approve the decision. Once approved, Filipino firms will find it easier to access European financial services. This will lower compliance costs for companies working across borders.
Justice Secretary Jesus Crispin C. Remulla said this removal shows the government’s strong stance against money laundering and terrorism financing. He added it will boost the Philippines’ global reputation. It also encourages stronger rule of law in the country.
The European Chamber of Commerce of the Philippines (ECCP) said this will attract more European investments. It will also make the Philippines a trusted place for trade and business. The ECCP urged the government to keep enforcing key laws like the Anti-Financial Account Scamming Act.
In short, the Philippines AML removal improves the country’s financial image. It raises investor confidence and strengthens the fight against financial crime.
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