Euro Commission removes PH in list of ‘high-risk' countries for dirty money, financial crimes
In a statement, the European Commission announced that the Philippines, along with Barbados, Gibraltar, Jamaica, Panama, Senegal, Uganda, and the United Arab Emirates, was delisted in its updated list of high-risk jurisdictions for financial crimes.
'The updated list takes into account the work of the Financial Action Task Force (FATF) and in particular its list of 'Jurisdictions under Increased Monitoring',' the EU body said.
'As a founding member of FATF, the Commission is closely involved in monitoring the progress of the listed jurisdictions, helping them to fully implement their respective action plans agreed with FAFT. Alignment with FATF is important for upholding the EU´s commitment to promoting and implementing global standards,' it said.
To recall, in February, the FATF announced that the Philippines is no longer under increased monitoring for money laundering and financing of terrorism or 'grey list.'
Sought for comment, Bangko Sentral ng Pilipinas Governor Eli Remolona Jr. told GMA News Online, 'This is good news, but we will still need a yes vote by the EU Parliament.'
The EU Parliament, the bloc's legislative body, approves or ratifies actions or agreements done by the European Commission on behalf of the EU.
Meanwhile, the European Commission added to the high-risk monitoring list several countries, such as Algeria, Angola, Côte d'Ivoire, Kenya, Laos, Lebanon, Monaco, Namibia, Nepal and Venezuela.
'EU entities covered by the AML (anti-money laundering) framework are required to apply enhanced vigilance in transactions involving these countries. This is important to protect the EU financial system,' it said. —VAL, GMA Integrated News
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
GMA Network
16-07-2025
- GMA Network
PCA says 100-M coconut tree goal on track, eyes boost in yields and farmer support
The Philippine Coconut Authority said it is on pace to meet President Ferdinand Marcos Jr.'s target of planting 100 million coconut trees by the end of his term, as part of a national strategy to revitalize the country's coconut industry, increase export earnings, and support millions of Filipino farmers. PCA Administrator Dr. Dexter Buted said the agency is implementing a 'twin program' focused on large-scale planting and fertilization to address aging coconut trees, improve productivity, and strengthen the industry's role in the economy. 'Ito po 'yung mandato ng ating mahal na Presidente, Ferdinand Marcos Jr., na magtanim ng 100 million coconuts," said Buted at a televised public briefing on Wednesday. (This is the directive of our beloved President Ferdinand Marcos Jr. — to plant 100 million coconuts.) The Philippines is currently the world's second-largest coconut producer, with an annual yield of approximately 14.7 billion coconuts. Indonesia, the current leader, produces around 17.1 billion. According to Buted, the government aims to close this gap by improving sustainability and productivity through the twin program. 'Para mapalampasan natin at tayo ang manguna sa global market, kailangan tayong gumawa ng mga hakbang," he said. (To surpass them and lead the global market, we must take proactive steps.) Targets and Progress Since the initiative began in 2022, PCA has planted around 1.7 million coconut seedlings in 2023. In 2024, the agency reported planting 8.6 million seedlings, slightly surpassing its 8.3 million target. For 2025, it aims to plant 15.3 million, and from 2026 to 2028, 25 million trees per year, totaling 100 million by the end of the program. Buted added that with sustained implementation, the country could reach an estimated yield of 20.1 billion coconuts by 2034 — even beyond the current administration's term. 'Pagdating ng 2034, kahit hindi na niya term, makikita mo na talagang umusbong — nanguna tayo," he noted. (By 2034, even after the President's term ends, you will see that the industry has flourished — we will be leading.) Economic and Industry Impact According to PCA, the coconut industry contributes around $2.2 billion annually in export revenues. Coconut is one of the country's top agricultural exports, with emerging applications in biofuel and aviation fuel. 'May aviation fuel tayo — nag-start na tayo sa EU na nasa 2% ng requirement nila para ma-blend natin sa ating fuel,' Buted said. (We've begun blending our coconut-derived aviation fuel with 2% of the EU's fuel requirement.) PCA also reported enhancements to the Coconut Farmers and Industry Development Plan (CFIDP), recently amended under the Marcos administration. The updated plan includes components such as social protection, community-based farm enterprises, and cooperative development. Among the new support mechanisms is a medical assistance program that provides farmers and their dependents with up to P40,000 for hospitalization costs, on top of existing government healthcare coverage. Outpatients may also receive P5,000 in support. 'Pag na-hospital ang farmer…nakakapagbigay tayo ng maximum of P40,000,' Buted said. (When a farmer is hospitalized, we can provide up to P40,000.) Mobile medical missions and medicine distribution are also being conducted in farming communities as part of the rollout. PCA estimated that the coconut industry directly supports about 2.8 million farmers and indirectly benefits around 20 million people across the country. The agency said it will continue monitoring progress and adjusting strategies as needed to meet its long-term targets in both production and social development.—AOL, GMA Integrated News
GMA Network
15-07-2025
- GMA Network
Trump announces Indonesia ‘deal' after tariff threats
WASHINGTON — US President Donald Trump said Tuesday that he had struck a deal with Indonesia—without providing specifics of the agreement—a week after threatening steeper tariffs on the Southeast Asian country. "Great deal, for everybody, just made with Indonesia," Trump wrote on his Truth Social platform, saying that he worked with the country's president directly. "DETAILS TO FOLLOW!!!" The Trump administration has been under pressure to finalize trade pacts after promising a flurry of deals, as countries have sought negotiations with Washington to avoid Trump's tariff threats. But the US president has so far only unveiled deals with Britain and Vietnam, alongside an agreement to temporarily lower tit-for-tat levies with China. Last week, Trump renewed his threat of a 32-percent levy on Indonesian goods, saying in a letter to the country's leadership that this level would take effect August 1. It remains unclear what Indonesia's new tariff level will be under the latest deal with Washington, Indonesia's former vice minister for foreign affairs Dino Patti Djalal told a Foreign Policy event Tuesday. But he added that insiders from the Indonesian government indicated they were happy with the new deal, adding that he expected further information in the coming hours. Trump in April imposed a 10-percent tariff on almost all trading partners, while announcing plans to eventually hike this level for dozens of economies, including the European Union and Indonesia. But days before the steeper duties were due to take effect, he pushed the deadline back from July 9 to August 1. This marked his second postponement of the elevated levies. Instead, since the start of last week, Trump began sending out letters to partners, setting out the tariff levels they would face come August. The levy he cited to Indonesia last week was unchanged from the figure he first unveiled in April. To date, Trump has sent more than 20 such letters to partners including the EU, Japan, South Korea and Malaysia. Canada and Mexico, both countries that were not originally targeted in Trump's "reciprocal" tariff push, also received similar documents outlining updated tariffs for their products. But existing exemptions covering goods entering the United States under a North American trade pact are expected to remain in place. Analysts have warned that without trade agreements, Americans could conclude that Trump's strategy to reshape US trading ties with the world has not worked. "In the public's mind, the tariffs are the pain, and the agreements will be the gain. If there are no agreements, people will conclude his strategy was flawed," William Reinsch, senior adviser at the Center for Strategic and International Studies, previously told AFP. — Agence France-Presse
GMA Network
09-07-2025
- GMA Network
Rubik's Cube owner loses trademark battle with Greek rival
Invented by Hungarian professor Erno Rubik in 1974, the multicolored cube puzzle is popular among young and old, with hundreds of millions sold worldwide. File photo BRUSSELS — Rubik's Cube owner Spin Master Toys UK on Wednesday lost its battle against a Greek rival as Europe's second-highest court annulled trademarks related to the shape of the iconic puzzle. Invented by Hungarian professor Erno Rubik in 1974, the multicolored cube puzzle is popular among young and old, with hundreds of millions sold worldwide. The brand was acquired by Canadian children's entertainment company Spin Master in 2021. Spin Master took its case to the Luxembourg-based General Court after Greece's Verdes Innovations SA in 2013 asked the EU trademark office to invalidate several trademarks registered by Spin Master's predecessor between 2008 and 2012. The European Union Intellectual Property Office (EUIPO) backed Verdes, saying Rubik's Cube trademarks had been registered contrary to EU law. The Greek company makes puzzle cubes under the V-CUBE brand. The Luxembourg-based General Court backed EUIPO. "The General Court confirms the annulment of trade marks consisting of the shape of the 'Rubik's cube'," judges said. "As the essential characteristics of that shape are necessary to obtain a technical result, it should not have been registered as an EU trade mark," they said. Spin Master Toys, which can appeal to the Court of Justice of the European Union, Europe's highest, did not immediately reply to an emailed request for comment. The case is T-1170/23 Spin Master Toys UK v EUIPO - Verdes Innovations. — Reuters
