The move comes in response to the Financial Action Task Force (FATF), the global anti-money laundering (AML) watchdog, removing the Philippines from its “grey list” of jurisdictions that require enhanced regulation in February 2025. The European Commission then formally proposed removing the country in June, which was approved by the European Parliament on July 9, triggering the relevant regulatory update process.

“The regulation will enter into force after publication in the Official Journal of the European Union,” the Anti-Money Laundering Council of the Philippines (AMLC) said in a statement released on Friday. “This officially ends the Philippines’ status as a high-risk country for EU financial regulation.”

According to the AMLC, the result affirms the government’s years of efforts to strengthen the anti-money laundering and countering the financing of terrorism (CFT) system.

Gaming industry compliance cost reduction brings benefits
For iGaming operators and digital entertainment-related companies, the change brings tangible improvements to the cost and complexity of cross-border compliance. In an interview with SiGMA News, gaming industry leader and investor Jonas Diego said that the Philippines’ inclusion in the EU high-risk list has long had a profound impact on businesses.

"This label brings many challenges, including slower and more cumbersome cross-border banking and remittance processes; reduced investor confidence; and damaged reputation, which creates unnecessary resistance for companies in various industries," said Diego. With the Philippines officially removed from the list, Diego believes that licensed local gaming companies are now better able to reinvest and expand.

"Another direct impact is the reduction in compliance costs for operators and related companies," he said. "Being listed previously meant that companies needed to frequently undergo due diligence and complex reporting requirements, and I have personally experienced this pain point."

"Now that these burdens are reduced," Diego added, "companies can reallocate funds and human resources to growth-oriented areas such as marketing, talent recruitment and product development."