The European Union has removed the Philippines and seven other countries from its “high-risk” list for money laundering and terrorism financing, the bloc said Wednesday.
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 EU’s decision reflects improvements in financial oversight and anti-money laundering practices within these eight countries, the EC said.
Meanwhile, ten countries were added to the updated list: Algeria, Angola, Côte d’Ivoire, Kenya, Laos, Lebanon, Monaco, Namibia, Nepal and Venezuela.
The Philippines’ removal follows its earlier delisting this year from the Financial Action Task Force (FATF) grey list of jurisdictions under increased monitoring.
“As a founding member of FATF, the Commission is closely involved in monitoring the progress of the listed jurisdictions, helping them to fully implement their respective action plans agreed with FATF. Alignment with FATF is important for upholding the EU’s commitment to promoting and implementing global standards,” the European Commission (EC) said in a statement.
The EU update “reiterates our strong commitment to aligning with international standards, particularly those set by the FATF,” said Maria Luis Albuquerque, the EU’s Commissioner for Financial Services.
The commission said it thoroughly assessed concerns regarding its previous proposals and conducted technical evaluations based on specific criteria and methodology, incorporating information from the FATF, bilateral dialogues and on-site visits.
“These countries have strengthened the effectiveness of their AML/CFT regimes and addressed technical deficiencies to meet the commitments in their action plans on the strategic deficiencies identified by the FATF,” the commission’s report said.
The commission said the Philippines and the other delisted nations have established “legal and regulatory frameworks to meet the commitments in their respective action plans on the strategic deficiencies identified by the FATF.”
Bangko Sentral ng Pilipinas (BSP) Governor Eli Remolona Jr. said the EU Parliament would need to confirm the European Commission’s decision.
