Following its delisting from the European Commission’s high-risk jurisdictions for money laundering, the Philippine Department of Justice has vowed to strengthen its fight against financial crimes.
The Philippine Department of Justice has pledged to maintain its commitment to combating financial crimes such as money laundering, terrorism financing, and proliferation financing.
This statement comes after the European Commission announced on Friday that it has officially removed the Philippines from its list of high-risk jurisdictions for financial crimes.
In a statement, the Department of Justice (DOJ) said the Philippines has “successfully resolved its technical shortcomings in AML/CFT (anti-money laundering/counter-terrorism financing) in line with global standards.”
Justice Secretary Jesus Crispin Remulla called the delisting “a clear recognition of our government’s firm stance against money laundering and terrorism financing.” He added, “This milestone will inspire the DOJ to further reinforce the rule of law both within the Philippines and in the international community.”
Cleaning its financial house
Earlier this year, the Philippines marked a major achievement by being removed from the Financial Action Task Force (FATF) “grey list” — a category for countries considered vulnerable to financial crimes.
The nation was placed on the list in 2021 due to issues like money laundering linked to casino junkets and the limited prosecution of terrorism financing cases. Its removal came only after the country fulfilled an 18-point action plan aimed at strengthening financial safeguards and proving the integrity of its system. As part of the reforms, authorities committed to:
- Increase investigations and prosecutions of financial crimes;
- Apply greater scrutiny to non-financial institutions including casinos;
- Use fraud detection technologies to identify financial crimes.
Casinos not covered until 2017
The Philippines enacted its Anti-Money Laundering Act (AMLA) in 2001. However, for many years, the law did not cover the gaming sector—an industry often associated with financial crime risks.
That changed with the passage of Republic Act 10927 in 2017, which formally brought all Philippine casinos—land-based, online, and ship-based—under AMLA as “covered persons.” This expansion marked a significant step in aligning the country’s regulations with global anti-money laundering and counter-terrorism financing (AML/CFT) standards.
In recent years, the government has taken a tougher stance on illegal activity tied to gambling. In July 2023, President Ferdinand Marcos Jr. officially banned Philippine Offshore Gaming Operators (POGOs) after repeated reports linking them to money laundering, online fraud, and human trafficking.
An editorial in the Manila Bulletin acknowledged that the Philippines “has made tangible progress in aligning with international standards” on AML/CFT compliance. Still, the piece emphasized that being removed from the EU’s high-risk watchlist is “a milestone to celebrate – but not a finish line.”
“It is a stepping stone toward building a more transparent, trusted, and inclusive financial system,” the editorial continued. “The country must remain vigilant and adaptable to new and complex risks. In doing so, the Philippines can earn not just regulatory recognition, but also the lasting trust of investors, international partners, and its own citizens.”
