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

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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.