Cheyenne Suarez

EU removes Philippines from 'high-risk' money-laundering list, adds Monaco

Article (news)

Agence France-Presse

ABS-CBN News

<div> </div>The EU on Tuesday announced the removal of the United Arab Emirates from its money-laundering &quot;high-risk&quot; list but added Monaco alongside nine other jurisdictions.The European Commission said it added Algeria, Angola, Ivory Coast, Kenya, Laos, Lebanon, Namibia, Nepal and Venezuela, along with Monaco, to the list of countries subject to extra monitoring of their money laundering controls.In addition to the UAE, it removed Barbados, Gibraltar, Jamaica, Panama, the Philippines, Senegal and Uganda.The moves come after a money-laundering watchdog said in February it had removed the Philippines from its list of countries that face increased monitoring, while adding Laos and Nepal.The Financial Action Task Force (FATF), a Paris-based organisation that reviews efforts by more than 200 countries and jurisdictions to prevent money laundering and terrorism financing, compiles a &quot;grey list&quot; of nations that are subject to increased monitoring of financial transactions.Monaco has been included on the FATF list since mid-2024, along with EU member states Bulgaria and Croatia.&quot;The commission has now presented an update to the EU list which reiterates our strong commitment to aligning with international standards, particularly those set by the FATF,&quot; the EU&#x27;s commissioner for financial services, Maria Luis Albuquerque, said.The EU list will now be scrutinised by the European Parliament and member states and will enter into force within one month if there are no objections, the commission said.In a statement, Monaco&#x27;s government said it had &quot;taken note of this expected update, which would lead to Monaco being placed on the EU&#x27;s list, unless the European Parliament or the Council of the EU decides otherwise&quot;.It also stressed its commitment to take the necessary steps to be removed from the FATF&#x27;s grey list &quot;in the short term&quot;.<div>Euro chamber welcomes EU decision</div>The European Chamber of Commerce of the Philippines (ECCP) meanwhile said it welcomes the delisting of the country from the list of high risk jurisdictions for money laundering and terrorism financing. &quot;This latest development follows the country’s earlier removal from the Financial Action Task Force (FATF) grey list and is a strong affirmation of the Philippines’ significant strides in strengthening its anti-money laundering and counter-terrorism financing (AML/CTF) framework,&quot; the ECCP said.The group said the development reflects the Philippines&#x27; commitment to upholding financial integrity, advancing regulatory reforms, and aligning with international standards. &quot;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,&quot; the ECCP aded. This development will further enhance investor confidence, facilitate smoother financial transactions with European counterparts, and reinforce the Philippines’ reputation as a credible and attractive destination for trade and investment, the group said.

The moves come after a money-laundering watchdog said in February it had removed the Philippines from its list of countries that face increased monitoring, while adding Laos and Nepal.

The moves come after a money-laundering watchdog said in February it had removed the Philippines from its list of countries that face increased monitoring, while adding Laos and Nepal.