ECCP seeks full implementation of anti-scam law

THE European Chamber of Commerce of the Philippines (ECCP) said the Philippines should fully implement the Anti-Financial Account Scamming Act (AFASA) to build on the country’s removal from the European Commission’s watch list.

“We reiterate our support for the full implementation of key measures such as AFASA, which strengthens the security of financial systems and empowers institutions to combat illicit financial activities more effectively,” the ECCP said in a statement on Thursday.

“The ECCP welcomes the European Commission’s decision to remove the Philippines from its list of jurisdictions with a high risk of money laundering and terrorism financing,” it added.

It said the Philippines’ removal from the European watch list, coupled with its exit from the Financial Action Task Force grey list, is “a strong affirmation of the Philippines’ strides in strengthening its anti-money laundering and counter-terrorism framework.”

“The chamber believes that this development will further enhance investor confidence, facilitate smoother financial transactions with European counterparts, and reinforce the Philippines’ reputation as a credible and attractive destination for trade and investment,” the ECCP said.

“We commend the collaborative efforts of our government partners and acknowledge the important contributions of the private sector in supporting the country’s progress in this area,” it added. — Justine Irish D. Tabile