The Securities and Exchange Commission (SEC) has vowed to strengthen its anti-money laundering and counter-terrorism financing (AML/CFT) rules, aligned to global standards, following the country’s removal from the Financial Action Task Force (FATF) grey list and the European Commission’s (EC) list of high-risk jurisdictions.

“As the overseer of the corporate sector and the capital market, the SEC will continue adopting best practices in AML/CFT regulation, in line with global standards, to ensure that the corporate vehicle will not be used for illicit funding,” SEC Chairperson Francis Ed. Lim said on Tuesday.

“Necessary systems and measures are already in place. The SEC will remain proactive in ensuring that these are strictly implemented and complied with, to prevent the country’s relisting and to foster a sound business environment where companies can thrive,” he added.

The EC announced the country’s delisting on 10 June, months after FATF removed the Philippines from its grey list in February.

The SEC already implemented key reforms, including mandatory disclosure of beneficial ownership data and a 2021 ban on bearer shares. It also launched the HARBOR system this month to streamline the submission and updating of beneficial ownership records.

To improve transparency among non-profit organizations, the SEC has facilitated the registration of nearly 8,000 groups since 2021. It also tightened oversight of brokers, dealers, and financing companies.

New rules under Memorandum Circulars 4 and 5, Series of 2025, now govern the operations of crypto-asset service providers.