DOJ lauds EC’s decision removing PH from list of high-risk countries

By Benjamin Pulta, Philippine News Agency

The removal of the Philippines from the “dirty money list” leaves only three Southeast Asian countries under close monitoring by the EC: Laos, Myanmar, and Vietnam. (Pexels Photo)

MANILA – The Department of Justice (DOJ) on Friday welcomed the decision of the European Commission (EC) to remove the Philippines from its list of “high-risk jurisdictions” in terms of financial crimes.

The EC, the European Union’s (EU) politically independent executive arm, said the Philippines is among the countries that have effectively addressed their technical deficiencies on AML/CFT (anti-money laundering/countering the financing of terrorism) measures globally.

In a statement, Justice Secretary Jesus Crispin Remulla welcomed this milestone in the country’s fight against AML/CFT, and vowed that the DOJ will continue to be relentless in implementing policies and measures to further advance economic integrity.

“This accomplishment is an affirmation of our government’s unyielding stand against money laundering and terrorism financing, it will also serve as a catalyst for the DOJ to further strengthen the rule of law not just within the Philippines but even at a global stage,” Remulla said.

The removal of the Philippines from the “dirty money list” leaves only three Southeast Asian countries under close monitoring by the EC: Laos, Myanmar, and Vietnam.

Last Feb. 21, the Financial Action Task Force (FATF) released an updated list of high-risk and other monitored jurisdictions and announced the Philippines’ removal from the list because of “significant progress in improving its AML/CFT regime.”

It said the Philippine government showed effective risk-based supervision of Designated Non-Financial Businesses and Professions, demonstrated supervisors were using AML/CFT controls to address risks with casino junkets, implemented new registration requirements for money or value transfer services, and applied sanctions to unregistered and illegal remittance operations, among others.