BSP commits to AML reforms after EU delists PH

The Bangko Sentral ng Pilipinas (BSP) has pledged to continue financial sector reforms and strengthen safeguards against financial crimes following the Philippines' removal from the European Union's high-risk third countries list on August 5.

This delisting, effective June 10, is the country's third major exit from international watchlists this year, signaling rising international confidence in the Philippine financial system.

Governor Eli Remolona Jr. emphasized the BSP's commitment to AML/CTPF supervision and building a resilient financial system that supports economic growth.

The EU cited improvements in the Philippines' anti-money laundering regime and resolution of technical deficiencies as reasons for delisting the country, which is expected to lower remittance fees and improve relationships with foreign banks.

In March, the UK also removed the Philippines from its high-risk list following FATF plenary outcomes.

Analysts highlight that this move signals sustained vigilance and proactive governance in financial regulation, enhancing investor confidence and reducing transaction costs.

The BSP is working on identifying areas where it can further uphold its commitment to combat financial crimes and maintain global standards.