The Philippines has recently been removed from the EU's "high-risk money laundering countries" list, but there has been a renewed call for stringent regulation of cryptocurrencies and online gambling to prevent money laundering and cross-border financial crimes. Global rating agency Moody's and the European Commission have both noted that the Philippines is moving towards compliance, which helps enhance the national financial image, facilitates entry into the EU financial system, and promotes cross-border trade and investment.
Moody's Deputy Director Xiao Chen stated: "This delisting is expected to enhance the country's financial reputation and simplify the path to entering the EU system." However, he added that industries such as online gaming and crypto assets remain potential high-risk areas and must be vigilantly monitored.
The Anti-Money Laundering Council (AMLC), chaired by the Governor of the Central Bank of the Philippines, Eli Remolona Jr., is conducting a large-scale risk assessment, specifically focusing on the online gambling and digital assets sectors. With the regulatory challenges brought by technological innovations, the agency is committed to identifying and addressing emerging threats.
Although electronic gambling revenue is expected to reach 487.9 billion pesos in 2024, complex cross-border transactions and new technological methods increase the difficulty of money laundering supervision. The Financial Action Task Force has conducted on-site reviews and recognized the Philippines for strengthening its anti-money laundering and anti-terrorist financing framework, thereby removing it from the blacklist.
Experts point out that if the Philippines fails to maintain regulatory intensity and institutional coordinated reform, it faces the risk of being relisted. Currently, the authorities are accelerating legislative and technological reforms to improve the monitoring system to cope with the ongoing challenges brought by the digital economy and online gambling.
