Battle vs. dirty money in online gaming, crypto

While the Philippines' exit from the European Union's (EU) high-risk jurisdictions list is expected to ease the country's access to the EU financial system, debt watcher Moody's still urged continued vigilance in sectors such as online gaming and cryptocurrency to ensure it does not return to any dirty money lists.

- By DERCO ROSAL

Moody's associate director Xiao Chen said in a June 13 commentary that the Philippines' removal from the list is "expected to improve the country's financial reputation, ease access to the EU financial system, and support cross-border trade and investment."

Chen also noted that this development "signals the Philippines' alignment with global regulatory standards."

However, Chen stressed the importance of continued vigilance, "particularly in sectors such as online gaming and cryptocurrency, to ensure that residual risks are effectively managed."

Last week, the EU crossed out from its high-risk list the Philippines, Panama, Uganda, the United Arab Emirates (UAE), Jamaica, Gibraltar, Senegal, and Barbados. Meanwhile, added to the list were Algeria, Angola, Côte d'Ivoire, Kenya, Laos, Lebanon, Monaco, Namibia, Nepal, and Venezuela.