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Sunday, July 6, 2025
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Delisting from EU blacklist to spur PH investments

Department of Finance Secretary Ralph Recto said Thursday the Philippines’ removal from the European Union’s high-risk money laundering list is expected to attract more investments and capital into the country.

“The delisting of the Philippines as high risk for money laundering by the European Commission and FATF is a testament to legal and regulatory reforms initiated by the President,” Recto told the Manila Standard in a text message.

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“It’s a seal of good housekeeping. [It] will be helpful in attracting investments and capital flows to the Philippines,” he said.

The European Commission has removed the Philippines and seven other countries from its “high-risk” list for money laundering and terrorism financing. 

The delisted countries also include Barbados, Gibraltar, Jamaica, Panama, Senegal, Uganda and the United Arab Emirates. These nations had been under increased scrutiny for their financial control frameworks.

The Philippines’ removal follows its earlier delisting this year from the Financial Action Task Force (FATF) grey list of jurisdictions under increased monitoring.

The European Chamber of Commerce of the Philippines (ECCP) also welcomed the EC’s decision. It said this reflects the Philippine government’s continued commitment to upholding financial integrity, advancing regulatory reforms, and aligning with international standards.

“We commend the collaborative efforts of our government partners and acknowledge the important contributions of the private sector in supporting the country’s progress in this area,” the ECCP said in a statement.

It said the EC’s decision is expected to bolster investor confidence, promote seamless financial interactions with European institutions and further position the Philippines as a credible and attractive hub for trade and investment.

The ECCP also reiterated its support for the full implementation of the Anti-Financial Account Scamming Act (AFASA).

The proposed legislation is expected to balance the security of financial systems and empowering institutions to detect and prevent illicit financial activity more effectively.

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