The European Chamber of Commerce of the Philippines (ECCP) has called for the full implementation of the Anti-Financial Account Scamming Act (AFASA), following the positive development that the Philippines has been delisted from the European Commission’s list of “high-risk” countries for money laundering.

Republic Act No. 12010, or the AFASA Law, is designed to strengthen the security of the financial system and empower institutions to combat illicit financial activities more effectively, according to the ECCP.

Signed into law by President Ferdinand Marcos Jr. in July 2024, the act officially takes effect on 25 June 2025. It aims to curb financial scams, protect consumers, and bolster public trust in the country's financial system.

“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,” the group said.

PH delisted from EU's dirty money list

The European Commission on Tuesday removed the Philippines from its list of “high-risk” countries for money laundering.

The move follows the Financial Action Task Force’s (FATF) decision in February to delist the Philippines from its grey list, a category that includes jurisdictions under increased monitoring for weak anti-money laundering controls.

The Philippines’ progress was largely attributed to the crackdown on Philippine Offshore Gaming Operators (POGOs), which were believed to have been used as conduits for illegal financial transactions.

The ECCP welcomed the European Commission’s decision, saying it affirms the country’s 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 ECCP said in a statement on Thursday..

“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,” it added.

Aside from the Philippines, the European Commission also removed Barbados, Gibraltar, Jamaica, Panama, Senegal, the United Arab Emirates, and Uganda from the list.

Meanwhile, ten countries were added to the list for increased monitoring of their anti-money laundering controls: Algeria, Angola, Ivory Coast, Kenya, Laos, Lebanon, Namibia, Nepal, Venezuela, and Monaco, which has been under FATF monitoring since mid-2024.

Monaco has expressed its intention to exit the grey list “in the short term.”