MANILA (August 20) – Malacañang on Wednesday welcomed the European Union’s (EU) decision to remove the Philippines from its list of “high-risk third countries” for money laundering and terrorist financing, calling it a sign of stronger global confidence in the country’s financial system.
Palace Press Officer Claire Castro said the move reflects the Marcos administration’s efforts to tighten financial safeguards and attract more foreign investments. She added that President Ferdinand R. Marcos Jr. has directed the Bangko Sentral ng Pilipinas (BSP) to further advance banking reforms to bolster economic growth.
The European Commission’s delisting, effective Aug. 5, follows earlier milestones: the Philippines’ removal from the Financial Action Task Force “gray list” in February and from the United Kingdom’s high-risk list in March.
The BSP noted that the EU’s decision affirms the effectiveness of ongoing reforms. Castro stressed that the central bank will continue strengthening anti-money laundering measures to secure the country’s long-term financial stability.
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