Manila: The Department of Justice (DOJ) on Friday welcomed the decision of the European Commission (EC) to remove the Philippines from its list of 'high-risk jurisdictions' in terms of financial crimes.

According to Philippines News Agency, the EC, the European Union's (EU) politically independent executive arm, stated that the Philippines is among the countries that have effectively addressed their technical deficiencies on AML/CFT (anti-money laundering/countering the financing of terrorism) measures globally.

In a statement, Justice Secretary Jesus Crispin Remulla acknowledged this milestone in the country's fight against AML/CFT and assured that the DOJ will continue implementing policies and measures to further advance economic integrity. Remulla emphasized that the achievement is an affirmation of the government's strong stance against money laundering and terrorism financing, and it will motivate the DOJ to enhance the rule of law both in the Philippines and globally.

The removal of the Philippines from the 'dirty money list' leaves only three Southeast Asian countries-Laos, Myanmar, and Vietnam-under close monitoring by the EC.

The Financial Action Task Force (FATF) had previously released an updated list of high-risk and other monitored jurisdictions on February 21, announcing the Philippines' removal due to 'significant progress in improving its AML/CFT regime.' The FATF noted the Philippine government's effective risk-based supervision of Designated Non-Financial Businesses and Professions, the use of AML/CFT controls to address risks with casino junkets, and the implementation of new registration requirements for money or value transfer services. Additionally, sanctions were applied to unregistered and illegal remittance operations, among other measures.