PRESS RELEASE | The Securities and Alternate Fee (SEC) has reaffirmed its dedication to strengthen efforts to fight cash laundering and terrorism financing within the company sector, following the Philippines’ exit from the European Fee’s (EC) record of high-risk jurisdictions for monetary crimes.
This can be a press launch submitted to BitPinas
The EC, the manager physique of the European Union, on June 10 issued an announcement asserting the elimination of the Philippines from the high-risk record, together with seven different jurisdictions.
The nation’s delisting jumps off from the identical reforms the Philippines applied to strengthen its anti-money laundering and counter-terrorism financing (AML/CFT) framework, driving its exit from the gray record of the worldwide watchdog Monetary Motion Activity Power (FATF).
“The SEC welcomes the Philippines’ exit from the EC record of high-risk jurisdictions. This milestone emphasizes the nation’s robust dedication to making sure the integrity of the monetary and company sectors, making the nation a extra enticing hub for buyers,” SEC Chairperson Francis Lim mentioned.
“Because the overseer of the company sector and the capital market, the SEC will proceed adopting greatest practices in AML/CFT regulation, in step with international requirements, to make sure that the company car won’t be used for illicit funding,” he added.
In February, the FATF formally introduced the Philippines’ exit from the record of jurisdictions beneath elevated monitoring since its inclusion in June 2021, citing reforms that addressed strategic deficiencies in its AML/CFT framework.
As a part of the Marcos administration’s whole-of-government method, the SEC has been instrumental in driving reforms that drove the gray record exit. These reforms responded to issues about helpful possession data disclosure and registration of non-profit organizations (NPOs).
The SEC, as early as 2019, has strengthened the disclosure of helpful possession information, requiring firms to declare such data of their basic data sheets.
Likewise, it prevented the issuance and sale of bearer shares and bearer share warrants in 2021 to spice up transparency and stop the usage of firms for unlawful actions.
Early this month, the Fee launched the Hierarchical and Relevant Relations and Useful Possession Registry (HARBOR), an internet platform that caters to the submission and updating of helpful possession data.
This may allow the SEC to offer sooner and extra dependable helpful possession information to companies, regulators, and authorities companies.
To enhance transparency amongst NPOs, the SEC has carried out outreach and knowledge-sharing actions to encourage them to register with the Fee to reduce the danger of getting used for illicit financing actions.
These efforts resulted within the registration of almost 8,000 NPOs since 2021.
The SEC can be strengthening the enforcement of AML/CFT insurance policies over monetary establishments beneath its jurisdiction, together with brokers, sellers, lending and financing firms, and different securities sellers.
Lately, the SEC issued Memorandum Round Nos. 4 and 5, Sequence of 2025, offering for the SEC Guidelines on Crypto-Asset Service Suppliers and SEC Tips on the Operations of Crypto-Asset Service Suppliers, respectively. The foundations search to make sure investor safety whereas supporting modern monetary merchandise.
“Crucial techniques and measures are already in place. The SEC will stay proactive in guaranteeing that these are strictly applied and complied with, to forestall the nation’s relisting and to foster a sound enterprise setting the place firms can thrive,” Lim mentioned.
This press launch is revealed on BitPinas: SEC Reinforces Anti-Money Laundering Reforms After Philippines Exits EU High-Risk List
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