BUSINESS
Advocates Philippines
BSP Reaffirms Financial Crime Safeguards As PH Exits EU High-Risk List
Photo credit: BSP
The Bangko Sentral ng Pilipinas (BSP) has renewed its commitment to strengthening the country’s defenses against financial crimes after the European Union (EU) formally removed the Philippines from its list of high-risk third countries on June 10, 2025. This marks the third such exit for the country this year.
“The BSP remains firmly committed to driving financial sector reforms, strengthening anti-money laundering/countering terrorism and proliferation financing (AML/CTPF) supervision, and building a resilient, inclusive financial system that supports economic growth and global confidence,” said BSP Governor Eli M. Remolona, who also chairs the Anti-Money Laundering Council (AMLC).
Remolona stressed that the work does not end with the country’s recent successes, noting that regulators continue to identify areas where improvements can be made to ensure the Philippines remains aligned with international standards.
The EU’s decision was based on the Philippines’ enhanced effectiveness in implementing its AML/CTPF framework and resolving technical deficiencies earlier flagged by the Financial Action Task Force (FATF).
This latest development follows the country’s removal from the United Kingdom’s high-risk list on March 27, 2025, which was prompted by the positive outcome of the FATF plenary meeting in February. Collectively, the exits from the FATF, UK, and EU watchlists point to growing international confidence in the country’s financial safeguards.
Beyond regulatory recognition, these advancements are expected to bring tangible benefits. Industry experts anticipate lower remittance fees for overseas Filipinos and improved relationships between Philippine banks and their foreign counterparts—factors that could further stimulate business activity and strengthen investor confidence.
“The BSP remains firmly committed to driving financial sector reforms, strengthening anti-money laundering/countering terrorism and proliferation financing (AML/CTPF) supervision, and building a resilient, inclusive financial system that supports economic growth and global confidence,” said BSP Governor Eli M. Remolona, who also chairs the Anti-Money Laundering Council (AMLC).
Remolona stressed that the work does not end with the country’s recent successes, noting that regulators continue to identify areas where improvements can be made to ensure the Philippines remains aligned with international standards.
The EU’s decision was based on the Philippines’ enhanced effectiveness in implementing its AML/CTPF framework and resolving technical deficiencies earlier flagged by the Financial Action Task Force (FATF).
This latest development follows the country’s removal from the United Kingdom’s high-risk list on March 27, 2025, which was prompted by the positive outcome of the FATF plenary meeting in February. Collectively, the exits from the FATF, UK, and EU watchlists point to growing international confidence in the country’s financial safeguards.
Beyond regulatory recognition, these advancements are expected to bring tangible benefits. Industry experts anticipate lower remittance fees for overseas Filipinos and improved relationships between Philippine banks and their foreign counterparts—factors that could further stimulate business activity and strengthen investor confidence.
Aug 19, 2025
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