The Department of Justice (DOJ) vowed Friday to continue its relentless implementation of policies and measures to advance economic integrity by combating money laundering and terrorism financing activities.
The DOJ made this remark following the country’s removal from the European Commission (EC) list of “high-risk jurisdictions.”
“This accomplishment is an affirmation of our government’s unyielding stand against money laundering and terrorism financing, it 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,” said Justice Secretary Jesus Crispin Remulla.
The Philippines is among the countries that have effectively addressed their technical deficiencies on anti-money laundering/counter-terrorism financing (AML/CFT), according to the EC, which is the European Union’s (EU) politically independent executive arm.
The country met the goals of their respective action plans aligned with international standards in fighting illicit money activities, it added.
Aside from the Philippines, other countries that exited the list were Barbados, Jamaica, Senegal and Uganda.
The removal of the Philippines from the “dirty money list” left only three Southeast Asian countries under close monitoring by the EC including Laos, Myanmar and Vietnam.
In February, the Philippines exited the Financial Action Task Force (FATF) “grey list” after it effectively demonstrated its international compliance to combat AML/CFT.