EU removes Phl from dirty money list

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

The move follows the Paris-based Financial Action Task Force’s (FATF) decision in February to delist the Philippines from its list of countries subject to increased monitoring of financial transactions.

The cleansing of the country’s once-notorious image as a hub for dirty money was facilitated by the removal of the Philippine Offshore Gaming Operator (POGO) facilities, which are believed to have served as a conduit for the underworld.

In addition to the Philippines, the European Union’s executive body also removed Barbados, Gibraltar, Jamaica, Panama, Senegal, the United Arab Emirates, and Uganda from the list.

Meanwhile, 10 countries were added to the list to increase monitoring of their anti-money laundering controls: Algeria, Angola, Ivory Coast, Kenya, Laos, Lebanon, Namibia, Nepal, Venezuela, and Monaco, which had been on the FATF list since mid-2024.

Monaco, however, stated its commitment to being removed from the grey list “in the short term.”

Aligned with the FATF standard

Maria Luis Albuquerque, the EU’s commissioner for financial services, said the commission has now presented an update to the EU list, stressing their “strong commitment to aligning with international standards, particularly those set by the FATF.”

The European Parliament is set to scrutinize the updated list, which will take effect within one month if no objections are raised. — with reports from Agence-France Presse