The European Chamber of Commerce of the Philippines (ECCP) welcomes the European Commission’s decision to remove the Philippines from its list of jurisdictions with high risk of money laundering and terrorism financing. This latest development follows the country’s earlier removal from the Financial Action Task Force (FATF) grey list and is a strong affirmation
of the Philippines’ significant strides in strengthening its anti-money laundering and counter-terrorism financing (AML/CTF) framework.
This milestone 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 Chamber believes that this development will further enhance investor confidence, facilitate smoother financial transactions with European counterparts, and reinforce the Philippines’ reputation as a credible and attractive destination for trade and investment.
We also reiterate our support for the full implementation of key measures such as the Anti-Financial Account Scamming Act (AFASA), which strengthens the security of financial systems and empowers institutions to combat illicit financial activities more effectively.
The ECCP remains committed to working with the Philippine government and other stakeholders in advancing good governance, a sound regulatory environment, and sustainable economic growth.
