Philippines Removed from EU's High-Risk Money Laundering Surveillance List
*The Philippine Department of Justice (DOJ) proudly announces that the country has been officially swept off the European Commission's (EC)** roster of high-risk countries for anti-money laundering and counter-terrorism financing (AML/CFT). This move marks a successful alignment with international standards on financial crime prevention.
The EC, an integral executive arm of the European Union, keeps an eye on countries that might pose risks in the financial realm. Along with the Philippines, Barbados, Jamaica, Senegal, and Uganda were given a clean slate after addressing the kinks in their AML/CFT systems.
This recent development follows the Philippines' earlier dance-off with the Financial Action Task Force (FATF), which booted it off the grey list.
The nationwide shutdown of POGOs (Philippine Offshore Gaming Operators) likely lent a helping hand in shaping the country's stricter regulatory stance—a move that has earned positive international recognition.
Jesus Crispin C Remulla, Justice Secretary, spilled the beans:
"This milestone underscores our government's unwavering commitment to rooting out money laundering and terrorism financing. It serves as a stepping stone for the DOJ to fortify the rule of law, not just within our borders, but on a global stage as well."
The FATF's action plan and the Philippines' progress in implementing it have been crucial factors in this decision. The EC took the FATF's stance, bilateral talks, and on-site visits into account when reevaluating the countries on its list [1][4][5]. This decision, however, still awaits the green light from the EU Parliament [5].
- The EC's decision to remove the Philippines from its high-risk countries list for AML/CFT is significant for the nation's finance and business industries, as it signifies a strengthening of the country's global standing in the prevention of financial crimes, a matter closely monitored by politics and general news.
- As the Philippines continues to address the concerns of international organizations like the EC and FATF in terms of anti-money laundering and counter-terrorism financing, it is likely that the nation's progress in these areas will be closely watched and reported by the general news and business sectors, particularly as it pertains to the country's relations with the European Union and other global financial partners.
