EC removes PH from money laundering high-risk list

The European Commission has removed the Philippines from its list of high-risk countries for money laundering and terrorism financing.

The Department of Justice (DOJ) welcomed this milestone and vowed to continue implementing policies to advance economic integrity.

Justice Secretary Jesus Crispin Remulla stated the accomplishment affirms the government's stand against money laundering and terrorism financing.

This removal, following the Financial Action Task Force's earlier decision, signifies significant progress in the country's anti-money laundering and countering the financing of terrorism (AML/CFT) regime.

The Philippines was removed because it has effectively addressed its technical deficiencies in AML/CFT measures.

With the Philippines' removal, only Laos, Myanmar, and Vietnam remain under close monitoring by the EC in Southeast Asia.

In addition to the Philippines, the EU's executive body also removed Barbados, Gibraltar, Jamaica, Panama, Senegal, the United Arab Emirates, and Uganda from the list.