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ECCP seeks full implementation of anti-scam law
The European Chamber of Commerce of the Philippines (ECCP) is pushing for the full implementation of the Anti-Financial Account Scamming Act (AFASA) following the Philippines' delisting from the European Commission's list of high-risk countries for money laundering.
The AFASA Law, signed in July 2024 and effective June 25, 2025, aims to enhance the financial system's security and improve the fight against illicit financial activities.
This delisting by the European Commission is a positive development that reinforces the country's efforts to combat money laundering.
The Philippines was removed from the European Commission's list subsequent to its delisting from the Financial Action Task Force's (FATF) grey list in February.
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The European Commission has removed the Philippines from its list of high-risk countries for money laundering and terrorism financing.
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The Securities and Exchange Commission (SEC) will strengthen its anti-money laundering and terrorism financing (AML/CFT) rules following the Philippines' delisting from the Financial Action Task Force (FATF) grey list and the European Commission's (EC) list of high-risk jurisdictions.
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