SEC Vows Tighter Anti-Money Laundering Measures After PH Removed from EU High-Risk List

Following the Philippines’ removal from the European Commission’s list of high-risk countries for money laundering and terrorism financing, the Securities and Exchange Commission (SEC) has pledged to strengthen its regulatory efforts.

SEC Chairperson Francis Lim welcomed the development, calling it a testament to the country’s commitment to financial integrity. “This milestone boosts investor confidence in the Philippines,” Lim said. “The SEC will continue aligning its anti-money laundering and counter-terrorism financing (AML/CFT) policies with global best practices.”

The EU delisting follows the Financial Action Task Force’s (FATF) earlier move in February to remove the Philippines from its “grey list.” The FATF cited key reforms, including stricter disclosure requirements on beneficial ownership and increased regulation of non-profit organizations (NPOs).

Among the SEC’s initiatives are the prohibition of bearer shares and the launch of HARBOR (Hierarchical and Applicable Relations and Beneficial Ownership Registry), an online platform for tracking ownership transparency.

To combat misuse of NPOs for illicit financing, the SEC has intensified registration and outreach, resulting in nearly 8,000 new NPO registrations since 2021.

The SEC also tightened AML/CFT enforcement for financial entities under its supervision, including brokers and lending firms. In 2025, it issued regulations (Memorandum Circulars 4 and 5) governing crypto-asset service providers to protect investors while promoting innovation.

“The systems are in place, but implementation is key,” Lim emphasized. “We’re committed to staying off the high-risk list and fostering a trustworthy business climate.”