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DOJ fortifies fight vs money laundering, terrorism after PH's exit from EC's list of 'high-risk' countries

Philippines | National

DOJ fortifies fight vs money laundering, terrorism after PH's exit from EC's list of 'high-risk' countries

By Jeffrey Damicog

The Department of Justice (DOJ) vowed to further fortify the fight against money laundering and terrorism financing activities after the Philippines was removed from the European Commission’s (EC) list of “high-risk” countries.

DOJ Secretary Jesus Crispin C. Remulla said: “This accomplishment is an affirmation of our government’s unyielding stand against money laundering and terrorism financing, and 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.”

Aside from the Philippines, removed from the list of “high-risk jurisdictions” are Barbados, Gibraltar, Jamaica, Panama, Senegal, Uganda, and the United Arab Emirates.

Only three Southeast Asian countries are still in the list. They are Laos, Myanmar and Vietnam.

In a statement, the DOJ recounted that just last February “the Philippines exited the Financial Action Task Force (FATF) ‘grey list’ after effectively demonstrating the country's international compliance to combat AML/CTF” (anti-money laundering and counter terrorism financing).

In updating the list of “high-risk” countries, the DOJ said that the EC also took into account the work of the Financial Action Task Force (FATF).

“As a founding member of FATF, the EC is closely involved in monitoring the progress of the listed jurisdictions, helping them to fully implement their respective action plans agreed with FAFT,” the DOJ also said quoting the EC.

“Alignment with FATF is important for upholding the EU´s commitment to promoting and implementing global standards,” it added.

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