The European Chamber of Commerce of the Philippines (ECCP) welcomed the Philippines' removal from the European Commission’s list of high-risk countries for money laundering and terrorist financing, citing its potential to attract new investments from European countries.
ECCP stated that the delisting reflects the government’s continued commitment to upholding financial integrity through regulatory reforms aligned 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 chamber said.
In a statement on its website, the European Commission announced the removal of the Philippines from its list of high-risk jurisdictions, alongside Barbados, Gibraltar, Jamaica, Panama, Senegal, Uganda, and the United Arab Emirates.
The European Commission, the executive arm of the European Union (EU), said the Philippines and other delisted countries have strengthened their policies on anti-money laundering and counter-terrorism financing (AML/CTF).
The removal from the list took into account the earlier omission of the country from the global money-laundering watchlist, otherwise known as the grey list, of the Financial Action Task Force (FATF).
ECCP, the largest foreign chamber in the Philippines, stated that these significant improvements will substantially enhance investor confidence in the country, particularly from European nations.
The group said a cleaner financial outlook for the country would facilitate smoother financial transactions with European counterparts.
This shall “reinforce the Philippines’ reputation as a credible and attractive destination for trade and investment,” it said.
To maintain momentum, ECCP suggested that the government ensure the strict implementation of key financial measures, such as the Anti-Financial Account Scamming Act (AFASA).
Enacted last year, AFASA mandates that banks and financial institutions implement security measures and fraud management systems to deter online scams.
ECCP said such a measure strengthens the security of financial systems while also empowering institutions to combat illicit financial activities more effectively.
“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,” it said.
SOURCE: https://mb.com.ph/2025/06/12/eccp-philippines-removal-from-eu-high-risk-list-to-spur-new-investments
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