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) checklist 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 a press release asserting the removing of the Philippines from the high-risk checklist, 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 checklist of the worldwide watchdog Monetary Motion Job Pressure (FATF).
“The SEC welcomes the Philippines’ exit from the EC checklist 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, according to international requirements, to make sure that the company car is not going to be used for illicit funding,” he added.
In February, the FATF formally introduced the Philippines’ exit from the checklist 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 checklist 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 knowledge, requiring corporations to declare such data of their normal 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 companies for unlawful actions.
Early this month, the Fee launched the Hierarchical and Relevant Relations and Useful Possession Registry (HARBOR), a web-based platform that caters to the submission and updating of helpful possession data.
This can allow the SEC to offer quicker and extra dependable helpful possession knowledge to companies, regulators, and authorities businesses.
To enhance transparency amongst NPOs, the SEC has performed outreach and knowledge-sharing actions to encourage them to register with the Fee to attenuate the chance 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 companies, 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 progressive monetary merchandise.
“Crucial techniques and measures are already in place. The SEC will stay proactive in making certain that these are strictly applied and complied with, to stop the nation’s relisting and to foster a sound enterprise setting the place corporations 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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