Philippines Removed from High-Risk List by EU Due to Progress Made
The European Commission has recognised the significant progress made by the Philippines in strengthening its anti-money laundering and countering the financing of terrorism (AML/CFT) regime. This decision comes after the Philippines was removed from the Financial Action Task Force (FATF) "grey list" in February, followed by its removal from the United Kingdom's high-risk list in March, and most recently, the EU's high-risk list on August 5.
The Bangko Sentral ng Pilipinas (BSP), the country's central bank, has vowed to continue its efforts in strengthening safeguards against financial crimes. BSP Governor Eli M. Remolona Jr. has stated that the central bank will continue its reform efforts to maintain the Philippines' off-watchlist status.
The BSP reaffirms its commitment to financial sector reforms, AML/CFT supervision, and building a resilient, inclusive financial system. The delisting could drive business activities in the Philippines, improve the country's access to global financial markets, and enhance investor confidence.
Improved relationships between Philippine and foreign banks are anticipated due to the delisting, which could also lower remittance fees for overseas workers in the Philippines. Analysts suggest that the move could further boost the country's economic growth and development.
However, the Anti-Money Laundering Council (AMLC) is pushing for amendments to the Anti-Money Laundering Act to maintain the Philippines' off-watchlist status and ensure sustained progress in its AML/CFT efforts.
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The delisting of the Philippines from these international watchlists is a significant achievement for the country and a testament to its commitment to combating financial crimes. This move is expected to have a positive impact on the Philippine economy and its standing in the global financial community.
