SEC: Stronger AML/CFT measures in place

The Securities and Exchange Commission (SEC) has vowed to further strengthen its efforts to combat money laundering and terrorism financing in the corporate sector following the Philippines’ exit from the European Commission’s (EC) list of high-risk jurisdictions for financial crimes.

- By JAMES A. LOYOLA

“The SEC welcomes the Philippines’ exit from the EC list of high-risk jurisdictions. This milestone emphasizes the country’s strong commitment to ensuring the integrity of the financial and corporate sectors, making the country a more attractive hub for investors,” SEC Chairperson Francis Ed. Lim said.

He added that, “As the overseer of the corporate sector and the capital market, the SEC will continue adopting best practices in AML/CFT [anti-money laundering and combating the financing of terrorism] regulation, in line with global standards, to ensure that the corporate vehicle will not be used for illicit funding.”

The EC, the executive body of the European Union (EU), on June 10 issued a statement announcing the removal of the Philippines from the high-risk list, along with seven other jurisdictions.