The European Commission recently announced that several countries and regions have been officially removed from its "High-Risk Third Countries with Strategic Deficiencies in Anti-Money Laundering and Counter-Terrorist Financing" list, indicating substantial progress in financial regulatory compliance, including the Philippines which has completely banned POGO operations.
The countries and regions removed include: the Philippines (not specifically named but widely believed to be included), Barbados, Gibraltar, Jamaica, Panama, Senegal, Uganda, and the United Arab Emirates (UAE).
The EU noted that this update was synchronized with the decisions made by the Financial Action Task Force (FATF) at the beginning of the year. Earlier, FATF had removed these countries from its "Increased Monitoring List" (commonly known as the "grey list"), signifying that they have achieved "structural progress" in combating money laundering and terrorist financing.
The European Commission stated that this adjustment of the list was based on "a comprehensive and technical analysis," not only considering the assessments of FATF but also including the EU's own bilateral interactions and on-site verifications.
"We have fully considered all feedback on the initial proposal and, based on established standards and methodologies, completed a rigorous review of each jurisdiction," the statement emphasized.
This move helps the related countries restore their international financial reputation, reduces compliance barriers and risk costs for businesses within the EU, and clears institutional obstacles for attracting international investments.
