European Commission's vote of confidence in PH financial reforms

The European Commission's recent announcement removing the Philippines from its list of high-risk countries for money laundering and terrorist financing is a welcome and significant development.

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Alongside seven other jurisdictions, the Philippines was acknowledged for implementing comprehensive reforms to strengthen its defenses against illicit financial flows.

This delisting means that the Philippines is no longer subject to enhanced monitoring measures by the European Union's Financial Action Task Force (FATF). It is a signal to the global financial community that our country has made tangible progress in aligning with international standards on anti-money laundering and combating the financing of terrorism (AML/CFT).

The implications of this development are far-reaching. First and foremost, it is a strong vote of confidence in the country's financial regulatory framework, particularly in the efforts of the Bangko Sentral ng Pilipinas (BSP), the Anti-Money Laundering Council (AMLC), and other institutions that played critical roles in shepherding these reforms.