DOJ Strengthens Fight Against Money Laundering and Terrorism Financing
The Department of Justice (DOJ) has pledged to intensify efforts in combating money laundering and terrorism financing after the Philippines was taken off the European Commission’s (EC) list of “high-risk” countries. This significant milestone highlights the government’s unwavering commitment to uphold the rule of law and financial integrity.
DOJ Secretary Jesus Crispin C. Remulla emphasized, “This accomplishment is an affirmation of our government’s unyielding stand against money laundering and terrorism financing, and will also serve as a catalyst for the DOJ to further strengthen the rule of law not just within the Philippines but even at a global stage.” The removal from the high-risk list marks a key achievement in the country’s financial security framework.
Global Context of the High-Risk Jurisdictions List
Alongside the Philippines, several other countries including Barbados, Gibraltar, Jamaica, Panama, Senegal, Uganda, and the United Arab Emirates were also removed from the EC’s “high-risk jurisdictions” list. However, only three Southeast Asian nations—Laos, Myanmar, and Vietnam—remain on the list, underscoring ongoing challenges in the region.
In a recent statement, the DOJ recalled that the Philippines had already exited the Financial Action Task Force (FATF) “grey list” earlier this year, following strong evidence of compliance with international standards against anti-money laundering and counter-terrorism financing (AML/CTF).
Role of the Financial Action Task Force and European Commission
The DOJ noted that the European Commission’s update on high-risk countries took into account the progress monitored by the FATF. “As a founding member of FATF, the EC is closely involved in monitoring the progress of the listed jurisdictions, helping them to fully implement their respective action plans agreed with FATF,” the statement explained.
The alignment with FATF standards is crucial for the European Union’s commitment to promoting and enforcing global financial regulations. This collaboration ensures countries meet stringent requirements to prevent illicit financial activities.
Looking Ahead: Sustaining Progress in Financial Security
The Philippines’ removal from the high-risk list represents a major step toward enhancing the nation’s financial reputation internationally. Authorities remain vigilant, aiming to maintain and improve the frameworks that guard against money laundering and terrorism financing.
This achievement will not only bolster investor confidence but also strengthen the country’s standing in global financial communities. The DOJ’s continued commitment signals a proactive approach to safeguarding the nation’s economy and security.
For more news and updates on anti-money laundering and terrorism financing, visit Filipinokami.com.