The Bangko Sentral ng Pilipinas (BSP) on Tuesday reaffirmed its commitment to fighting financial crimes and upholding global standards after the Philippines was removed from the European Union’s list of high-risk countries.
The delisting on June 10, 2025, marked the third time this year the country has been removed from a major international watchlist.
“The BSP remains firmly committed to driving financial sector reforms, strengthening anti-money laundering and countering terrorism and proliferation financing (AML/CTPF) supervision, and building a resilient, inclusive financial system that supports economic growth and global confidence,” BSP Governor Eli Remolona Jr. said in a statement.
Remolona, who also chairs the Anti-Money Laundering Council (AMLC), said work is ongoing to identify areas where the Philippines can further improve its capacity to fight financial crimes and keep abreast with global standards.
The EU cited “improved effectiveness” in the country’s AML/CTF regime and the resolution of technical deficiencies identified by the Financial Action Task Force (FATF).
The Philippines was also removed from the United Kingdom’s list of high-risk third countries on March 27, 2025, following the outcomes of a FATF plenary meeting in February.
The exit from the FATF, UK and EU watchlists signals growing international confidence in the Philippines’ AML/CTPF regime, the BSP said.
It said the development is expected to generate benefits, including lower remittance fees and improved relationships between Philippine banks and their foreign counterparts, which in turn drives business activities.
