The Philippine Department of Justice (DOJ) has confirmed that the country has been officially removed from the European Commission’s (EC) list of high-risk countries for anti-money laundering and counter-terrorism financing (AML/CFT), after aligning with international standards on financial crime prevention.
The EC, an independent executive body of the European Union, monitors countries on its financial watchlist. Alongside the Philippines, Barbados, Jamaica, Senegal, and Uganda were also delisted after successfully addressing technical shortcomings in their AML/CFT frameworks.
This move follows the Philippines’ earlier removal from the Financial Action Task Force (FATF) grey list.
The recent nationwide ban on POGOs (Philippine Offshore Gaming Operators) likely played a role in strengthening the country’s regulatory stance, contributing to this positive recognition.
Jesus Crispin C Remulla, Justice Secretary, mentioned:
This accomplishment is an affirmation of our government’s unyielding stand against money laundering and terrorism financing, it will also serve as a catalyst for the DOJ to further strengthen the rule of law not just within the Philippines but even at a global stage.
