Bangko Sentral ng Pilipinas (BSP) Governor Eli Remolona Jr. said on Tuesday the Philippines’ removal from the European Union’s “dirty money” watchlist is a welcome sign of progress, but tougher work lies ahead in combating financial crimes and keeping pace with global standards on anti-money laundering and counterterrorism financing.
Remolona, who also chairs the Anti-Money Laundering Council (AMLC), said the priority now is to identify critical areas where the country can sharpen its capability to fight illicit finance.
“The BSP remains firmly committed to driving financial sector reforms, strengthening anti-money laundering/countering terrorism and proliferation financing supervision, and building a resilient, inclusive financial system that supports economic growth and global confidence,” Remolona said in a statement.
The EU cited improved effectiveness in the Philippines’ AML/CTPF regime and the resolution of technical deficiencies flagged earlier by the Paris-based Financial Action Task Force (FATF), such as stronger coordination among regulators, closer monitoring of suspicious transactions and stricter reporting requirements for covered institutions.
The delisting, which took effect on June 10, 2025, follows similar decisions by the FATF in February and the United Kingdom in March—marking the third milestone in as many months that the Philippines has been cleared from high-risk global watchlists.
The Philippines had been on the FATF gray list since June 2021, subjecting it to increased monitoring and requiring government agencies to address gaps in its AML/CTPF regime. After four years of reforms, the FATF formally removed the country from the list on Feb 21, 2025.
The BSP said the country’s removal from the FATF, UK, and EU lists will yield tangible benefits, including lower remittance fees and improved ties between Philippine banks and their foreign counterparts.
The first delisting in February already boosted investor confidence and is expected to draw more foreign capital by improving financial transparency, while making transactions between local and overseas banks simpler and less costly.
