Euro Commission removes PH in list of ‘high-risk’ countries for dirty money, financial crimes

The European Commission, the European Union’s (EU) executive body, has removed the Philippines from its list of high-risk countries the bloc monitors for money laundering and terrorism financing.

In a statement, the European Commission announced that the Philippines, along with Barbados, Gibraltar, Jamaica, Panama, Senegal, Uganda, and the United Arab Emirates, was delisted in its updated list of high-risk jurisdictions for financial crimes.

“The updated list takes into account the work of the Financial Action Task Force (FATF) and in particular its list of ‘Jurisdictions under Increased Monitoring’,” the EU body said.

“As a founding member of FATF, the Commission is closely involved in monitoring the progress of the listed jurisdictions, helping them to fully implement their respective action plans agreed with FAFT. Alignment with FATF is important for upholding the EU´s commitment to promoting and implementing global standards,” it said.

To recall, in February, the FATF announced that the Philippines is no longer under increased monitoring for money laundering and financing of terrorism or “grey list.” 

Sought for comment, Bangko Sentral ng Pilipinas Governor Eli Remolona Jr. told GMA News Online, “This is good news, but we will still need a yes vote by the EU Parliament.”

The EU Parliament, the bloc’s legislative body, approves or ratifies actions or agreements done by the European Commission on behalf of the EU.

Meanwhile, the European Commission added to the high-risk monitoring list several countries, such as Algeria, Angola, Côte d’Ivoire, Kenya, Laos, Lebanon, Monaco, Namibia, Nepal and Venezuela.

“EU entities covered by the AML (anti-money laundering) framework are required to apply enhanced vigilance in transactions involving these countries. This is important to protect the EU financial system,” it said. —VAL, GMA Integrated News