Philippines Strengthens Efforts Against Financial Crimes, Eyes Global Recognition

In a recent meeting, top officials from the country’s financial crime enforcement agencies reaffirmed their commitment to completing their respective deliverables by year-end, aligning with President Ferdinand R. Marcos Jr.’s efforts to enhance the Philippines’ standing in the global fight against financial crimes.

Collaborative Efforts to Strengthen Anti-Money Laundering and Countering the Financing of Terrorism Regime

The Anti-Money Launderling Council Secretariat Executive Director Matthew M. David reported that all concerned agencies expressed their commitment to completing their action plan items during the meeting. The Financial Action Task Force (FATF), an intergovernmental body, had earlier recommended further strengthening the country’s anti-money laundering and countering the financing of terrorism (AML/CFT) regime through action plans in key areas.

Key Areas for Improvement

Designated non-financial businesses and professions (DNFBPs)
Casino junkets
Beneficial ownership
Money laundering and terrorism financing prosecution
Cross-border declaration measures

Through collaboration among agencies, the Philippines is strengthening its resolve to address the remaining action plan items suggested by FATF and report progress to the President.

Progress and Achievements

Government agencies’ collaborative efforts have yielded:

Increased compliance among DNFBPs
Mitigation of risks in casino junkets
A more robust beneficial ownership information database
Enhanced implementation of cross-border currency declaration measures
Bolstered efforts in AML/CFT investigation and prosecution

Call to Action for the Private Sector

The private sector is urged to actively contribute to this collective objective by adhering to pertinent laws and regulations. By working together, the Philippines can further strengthen its efforts against financial crimes and achieve global recognition as a leader in this area.