Philippines removed from European Commission AML/CFT watchlist
The European Commission has notified the nation that it is no longer listed as a “high-risk” jurisdiction.
Key points:
– The Philippines has officially been taken off the EC AML/CFT watchlist
– The nation has now successfully filled the criteria to no longer be considered “high-risk”
– This development follows the nation’s recent additional removal from the FATF grey list
As confirmed by the Philippine Department of Justice (DOJ), the nation has been officially removed from the European Commission’s (EC) AML/CFT “high-risk” list, as it now adheres to international standards of tackling financial crime.
The EC acts as a politically individual arm of the European Union (EU) and is able to closely monitor nations placed on its financial watchlist. As part of this development, the commission confirmed that the Philippines, along with Barbados, Jamaica, Senegal and Uganda, had been removed from the list, as the nation had successfully addressed its technical deficiencies related to AML/CFT.
This latest action comes following the nation’s removal from the Financial Action Task Force (FATF) grey list earlier in the year.
Indeed, one would imagine that the conclusion of the nation’s ongoing POGO issue – which saw the offshore gaming operators officially banned last week – will have contributed to these latest positive developments for the nation.
Good to know: The Philippines gaming market generated a revenue figure of PHP 372.3bn ($6.6bn) during the full-year 2023
Speaking on the news, Justice Secretary Jesus Crispin C Remulla, said: “This accomplishment is an affirmation of our government’s unyielding stand against money laundering and terrorism financing, it will also serve as a catalyst for the DOJ to further strengthen the rule of law not just within the Philippines but even at a global stage.”
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