Following the Philippines' removal from the global money-laundering watchlist, also known as the grey list, in February 2025, the European Commission has also removed the country from its list of high-risk jurisdictions.

While some developing were added to the list including Algeria, Angola, Côte d’Ivoire, Kenya, Laos, Lebanon, Monaco, Namibia, Nepal and Venezuela, the Philippines, alongside Panama, Uganda, and the United Arab Emirates (UAE), Jamaica, Gibraltar, Senegal and Barbados were the countries cross out of the list.

This decision suggests that the Philippines and other delisted jurisdictions are now excluded from the high-risk category due to weak measures against money laundering and terrorist financing (AML/CFT).

“These countries have strengthened the effectiveness of their AML/CFT regimes and addressed technical deficiencies to meet the commitments in their action plans on the strategic deficiencies identified by the FATF [Financial Action Task Force],” the Commission said in its latest report.

According to the Commission, the updated list takes into account FATF’s list of jurisdictions under increased monitoring.

“Alignment with FATF is important for upholding the EU´s [European Union] commitment to promoting and implementing global standards,” the Commission said.

The Commission noted that the Philippines and other countries have already established “legal and regulatory frameworks to meet the commitments in their respective action plans on the strategic deficiencies identified by the FATF.”

As such, these countries are “no longer subject to the FATF’s monitoring process” but will continue working with regional bodies further to improve their anti-money laundering and counter-terrorism financing systems.

For his part, Bangko Sentral ng Pilipinas (BSP) Governor Eli M. Remolona Jr. said the central bank is currently identifying emerging risks for the Philippines to “stay out of those dirty money lists.”

It can be recalled that the Anti-Money Laundering Council (AMLC), which is chaired by Remolona, had said that the Philippines exit from the grey list “may prompt foreign banks to review and resume their business relationship and transactions with Philippine financial entities.”

It noted that the revision of the list is part of a delegated regulation and will take effect after a one-month review period by the European Parliament and Council, unless they raise any objections. This review period can be extended by another month.

Under Article 9 of the 4th Anti-Money Laundering Directive (AMLD IV), the Commission is required to regularly update its list of high-risk countries with weak AML/CFT measures.