The Central Bank of the Philippines reaffirmed its focus on fighting financial crimes and strengthening anti-money laundering and countering terrorism and proliferation financing (AML/CTPF) supervision after the European Union removed the Philippines from its list of high-risk third countries on 10 June 2025. In explaining its decision, the EU pointed to improved effectiveness in the Philippines’ AML and countering the financing of terrorism regime and the resolution of technical deficiencies identified by the Financial Action Task Force (FATF). Governor Eli M. Remolona, who chairs the Anti-Money Laundering Council, said work is ongoing to identify further areas where the country can improve its capacity to combat financial crimes and keep pace with global standards. The BSP also referenced the Philippines’ earlier removal from the United Kingdom’s high-risk third countries list on 27 March 2025 following the FATF plenary in February 2025, and indicated that these delistings are expected to support lower remittance fees and improved relationships between Philippine banks and foreign counterparts. The EU measure cited by the BSP entered into force on 05 August 2025.
Central Bank of the Philippines 2025-08-19
Central Bank of the Philippines reiterates AML and counter-terrorism financing reforms after EU removes Philippines from high-risk list
The Central Bank of the Philippines is committed to combating financial crimes and enhancing AML/CTPF supervision after the EU removed the Philippines from its high-risk third countries list. The EU's decision was based on improved effectiveness in the Philippines' AML regime and resolution of FATF-identified deficiencies. Governor Eli M. Remolona noted ongoing efforts to further strengthen the country's capacity to meet global standards.