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Financial Crime Enforcement Agencies in Philippines Strengthen Capabilities to Combat Offshore Financial Crimes
The United Nations Office on Drugs and Crime (UNODC) recently organized an Offshore Financial Crimes Investigation Training Workshop for law enforcement agencies in the Philippines. The workshop aimed to enhance their capabilities to tackle offshore financial crimes.
Participating Agencies
Thirty-one participants from various anti-corruption authorities attended the workshop, including:
- Office of the Ombudsman
- Department of Justice National Prosecution Service
- National Bureau of Investigations
- Anti-Money Laundering Council
- Securities and Exchange Commission Enforcement and Investor Protection Division
Training Focus
The training focused on the legal structures associated with offshore financial centers and how corrupt individuals may exploit them to conceal and disguise the proceeds of crime. Participants learned about best practices for investigating offshore financial crimes, including:
• Case studies • Letters of request • Mutual legal assistance
Practical Exercise
A key component of the training was a hands-on practical exercise where participants conducted a simulated country-specific financial crime investigation that focused on unraveling corporate structures and beneficial ownership. The exercise demonstrated how easily offshore corporate entities can be established and subsequently abused by criminals.
Financial Center Jurisdictions
In addition to the practical exercise, the workshop examined various financial center jurisdictions and offshore tax havens, analyzing:
• Account-opening requirements • Due diligence information available • Techniques for freezing and analyzing accounts
Participants also discussed best practices for mutual legal assistance in different jurisdictions and learned how to initiate key steps necessary to submit a successful request for international assistance.
Funding and Future Initiatives
The training was funded by the Ministry of Justice of the Government of the Republic of Korea. This initiative is part of UNODC’s ongoing efforts to support anti-corruption authorities in Southeast Asia, with previous trainings focused on:
• Beneficial ownership • Investigating and prosecuting cases of corruption • Automated procurement reports