Philippines warned on money laundering risks in iGaming, crypto
Moody’s has advised the Philippines to remain vigilant against potential money laundering through cryptocurrency and online gambling, following the country’s removal from the European Commission‘s list of high-risk jurisdictions.
The delisting comes after the Philippines was also removed from the Financial Action Task Force‘s gray list in 2023, which ended over three years of intensified monitoring. These developments are expected to improve the country’s financial credibility internationally and may ease access to investment and cross-border finance from European Union markets.
Despite the improved status, Moody’s advised that vulnerabilities remain, particularly in sectors with high exposure to illicit financial…
