The European Commission has officially removed the Philippines from its list of high-risk jurisdictions concerning money laundering.

This action follows the country's previous removal from the global money-laundering watchlist, also referred to as the grey list, in February 2025. In the updated list, several developing countries, including Algeria, Angola, Côte d’Ivoire, Kenya, Laos, Lebanon, Monaco, Namibia, Nepal, and Venezuela, were added.

Meanwhile, the Philippines was joined by Panama, Uganda, the United Arab Emirates (UAE), Jamaica, Gibraltar, Senegal, and Barbados in being delisted from the high-risk categorization.

This decision indicates that the Philippines and the other jurisdictions removed from the list have improved their measures against money laundering and terrorist financing (AML/CFT).

According to the Commission's latest report, these nations have enhanced the effectiveness of their AML/CFT regimes and successfully addressed the technical deficiencies that had previously been identified in their action plans by the Financial Action Task Force (FATF).

The European Commission emphasized the importance of alignment with FATF standards as part of its commitment to promoting and implementing global regulatory standards.

The report noted that the Philippines and other delisted countries have established legal and regulatory frameworks that satisfy the commitments outlined in their respective action plans aimed at addressing the strategic deficiencies identified by FATF.

Consequently, these jurisdictions are no longer subject to FATF’s monitoring process, although they will continue collaborating with regional entities to further improve their anti-money laundering and counter-terrorism financing systems.

Eli M. Remolona Jr., Governor of the Bangko Sentral ng Pilipinas (BSP), stated that the central bank is actively working to identify emerging risks to maintain the Philippines' status and prevent future listings in categories associated with financial misconduct.

The Anti-Money Laundering Council (AMLC), chaired by Remolona, has indicated that the Philippines' exit from the grey list could encourage foreign banks to reassess and potentially resume their business relationships with Philippine financial institutions.

The revision of the high-risk list is part of a delegated regulation by the European Commission and is set to take effect following a one-month review period by the European Parliament and Council, barring any objections or extensions of an additional month.

This procedure adheres to Article 9 of the 4th Anti-Money Laundering Directive (AMLD IV), which mandates the regular updating of the list of countries with insufficient AML/CFT measures.