While the Philippines’ exit from the European Union’s (EU) high-risk jurisdictions list is expected to ease the country’s access to the EU financial system, debt watcher Moody’s still urged continued vigilance in sectors such as online gaming and cryptocurrency to ensure it does not return to any dirty money lists.

Moody’s associate director Xiao Chen said in a June 13 commentary that the Philippines’ removal from the list is “expected to improve the country’s financial reputation, ease access to the EU financial system, and support cross-border trade and investment.”

Chen also noted that this development “signals the Philippines’ alignment with global regulatory standards.”

However, Chen stressed the importance of continued vigilance, “particularly in sectors such as online gaming and cryptocurrency, to ensure that residual risks are effectively managed.”

Last week, the EU crossed out from its high-risk list the Philippines, Panama, Uganda, the United Arab Emirates (UAE), Jamaica, Gibraltar, Senegal, and Barbados. Meanwhile, added to the list were Algeria, Angola, Côte d’Ivoire, Kenya, Laos, Lebanon, Monaco, Namibia, Nepal, and Venezuela.

The EU’s decision to delist the Philippines and other delisted jurisdictions means these countries are now excluded from the high-risk category due to strengthened anti-money laundering and counter-terrorism financing (AML/CFT) measures.

Chen said this marks “another important milestone” for the Philippines “in its ongoing efforts to strengthen financial integrity.”

The European Commission said the Philippines and other countries taken off the list have improved their AML/CFT systems and fixed technical issues to meet the action plan commitments set by the Financial Action Task Force (FATF).

It added that the updated list has taken into account FATF’s list of jurisdictions under increased monitoring, also known as the “grey list.” Alignment with FATF is “important for upholding the EU´s commitment to promoting and implementing global standards,” it further said.

According to the Commission, the Philippines has already put in place legal and regulatory measures to address the issues flagged by FATF. As such, it is no longer under FATF monitoring but will keep working with regional groups to strengthen their AML/CFT efforts.

Bangko Sentral ng Pilipinas (BSP) Governor Eli M. Remolona Jr. said earlier that 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.”

According to AMLC, even before the grey-listing, the Philippines was considered to have “weak anti-dirty money regimes.” This came with strict requirements and fines imposed by foreign regulators on financial institutions or banks doing business with Philippine entities.

As a result, several banks avoided doing business with local entities “rather than managing possible money laundering or terrorist financing risks.”

The country’s inclusion in FATF’s grey list was “burdensome” for banks and other financial institutions as it strained correspondent banking ties and slowed international financial inflows into the country.

The Philippines was removed from the grey list in February 2025.