DOJ welcomes EU's decision to remove PH from high-risk financial list

On Friday, the Department of Justice (DOJ) welcomed the European Commission's (EC) decision to remove the Philippines from its list of high-risk jurisdictions for financial crimes.

Justice Secretary Jesus Crispin Remulla stated that this accomplishment affirms the government's commitment to combating money laundering and terrorism financing, serving as a catalyst for further strengthening the rule of law both domestically and internationally.

The EC cited effective measures taken by the country to address technical deficiencies in anti-money laundering and counter-terrorism financing, along with its removal from the Financial Action Task Force (FATF) list in February.

Among the improvements noted were effective risk-based supervision of Designated Non-Financial Businesses and Professions, demonstrated use of AML/CFT controls for casino junkets, new registration requirements for money or value transfer services, and sanctions applied to unregistered remittance operations.

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

This story was generated by AI to help you understand the key points. For more detailed coverage, please see the news articles from trusted media outlets below.

Topics in this story

Explore more stories about these topics