Philippines removed from EU's high-risk money laundering list

The European Commission has removed the Philippines from its list of jurisdictions with high risk for money laundering and terrorism financing following a review by the Financial Action Task Force (FATF) earlier this year.

Other countries removed from the EU's list include Barbados, Gibraltar, Jamaica, Panama, Senegal, Uganda, and the United Arab Emirates, while Algeria, Angola, Côte d'Ivoire, Kenya, Laos, Lebanon, Monaco, Namibia, Nepal, and Venezuela were added to it.

Bangko Sentral ng Pilipinas Governor Eli M. Remolona welcomed the decision but noted that the EU parliament still needs to confirm the EC's action before it is finalized.

The FATF removed the Philippines from its gray list in February following a successful on-site visit and completion of the recommended action plan, which prompted stricter customer due diligence measures by member states for business relationships or transactions with Philippine entities.

Amid stringent reportorial requirements and increased costs for remittances, the Philippines agreed over several years to improve measures against money laundering and terror financing, finally removing it from the FATF black list in 2005 after a period of being listed since 2000.

The Anti-Money Laundering Council is now pushing amendments to the Anti-Money Laundering Act to align it with international standards and address emerging threats such as virtual asset service providers.