The Bangko Sentral ng Pilipinas (BSP) reaffirmed its commitment to fight financial crimes and uphold global standards following the Philippines’ removal from the European Union’s (EU) list of high-risk third countries last June 10 ? its third exit this year.

“The BSP remains firmly committed to driving financial sector reforms, strengthening anti-money laundering/countering terrorism and proliferation financing (AML/CTPF) supervision, and building a resilient, inclusive financial system that supports economic growth and global confidence,” BSP Governor Eli Remolona said.

The BSP governor, who also chairs the Anti-Money Laundering Council (AMLC), said that work is ongoing to identify areas where the Philippines can improve its capacity to fight financial crimes and keep abreast with global standards.

In its decision, the EU cited improved effectiveness in the country’s anti-money laundering/countering the financing of terrorism regime and resolution of technical deficiencies identified by the Financial Action Task Force (FATF).

Earlier, the Philippines was also removed from the United Kingdom's list of high-risk third countries on March 27 following the outcomes of the FATF plenary meeting held in February 2025.

The exit from the FATF, UK, and EU watchlists signals growing international confidence in the Philippines’ AML/CTPF regime.

This development is expected to generate benefits, including lower remittance fees and improved relationship of Philippine banks with foreign counterparts, which drives business activities. Bangko Sentral ng Pilipinas