SEC vows to strengthen anti-money laundering measures

The Securities and Exchange Commission (SEC) announced on Tuesday its commitment to strengthening measures against money laundering and terrorism financing following the Philippines' removal from the European Union's list of high-risk jurisdictions.

SEC Chairperson Francis Ed. Lim welcomed this development, emphasizing that it highlights the country's strong commitment to ensuring financial integrity and making the Philippines a less risky investment destination.

The SEC has implemented reforms such as requiring companies to disclose beneficial ownership information and prohibiting bearer shares, enhancing transparency in the financial sector.

In February, the Financial Action Task Force (FATF) also delisted the Philippines from its list of jurisdictions under increased monitoring due to reforms addressing strategic deficiencies in AML/CFT frameworks.

The SEC chair vowed to continue adopting best practices in combating money laundering and terrorism financing in line with global standards, ensuring strict implementation of necessary systems and measures.

Since 1921, nearly 8,000 non-profit organizations have registered with the SEC, reducing the risk of being used for illicit financing activities, while new rules on crypto-asset service providers aim to further protect investors.