The Philippines has exited the European Commission’s (EC) “high-risk” list for anti-money laundering and counter-terrorism financing (AML/CFT). The Department of Justice (DOJ) confirmed this development.
The EC is responsible for monitoring countries with financial crime vulnerabilities. It removed the Philippines—along with Barbados, Jamaica, Senegal, and Uganda—after each nation corrected technical deficiencies. Additionally, these countries aligned with international AML/CFT standards.
This move follows the Philippines’ earlier removal from the Financial Action Task Force (FATF) “grey list” in early 2025. This removal marks a major step forward in the country’s financial reform efforts.
DOJ officials emphasized that the EC’s decision reflects the Philippines’ ongoing alignment with global best practices. Justice Secretary Jesus Crispin C. Remulla said, “This accomplishment affirms our government’s unyielding stand against money laundering and terrorism financing. It will also serve as a catalyst for the DOJ to further strengthen the rule of law, both locally and globally.”
Many observers believe the recent ban on Philippine Offshore Gaming Operators (POGOs), enacted last week, helped influence the EU’s decision. Regulators have long expressed concern over POGOs due to their links with financial crime and weak enforcement.
The gaming sector remains a key economic driver for the Philippines, generating PHP 372.3 billion (US$6.6 billion) in 2023. Regulators now aim to preserve that growth by tightening compliance and reinforcing institutional oversight.
Exiting the EC watchlist will likely improve cross-border transactions and attract more foreign investment. Additionally, it will boost the nation’s reputation in global financial systems. The move also reinforces the Philippines’ commitment to financial transparency and strong regulatory frameworks.
