Financial Crime World

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Strengthening Financial Crimes Investigation in the Philippines through Offshore Financial Crimes Training Workshop

Manila, November 18, 2022

Criminals have long exploited offshore banking and legal entities to hide their profits and distance themselves from stolen assets. To enhance the ability of anti-corruption authorities in the Philippines to combat these threats, the United Nations Office on Drugs and Crime (UNODC) organized an Offshore Financial Crimes Investigation Training Workshop from November 14-18, 2022.

Participants

The training gathered 31 participants from various government agencies, 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

Objectives

The workshop aimed to provide investigators with an understanding of legal structures associated with offshore financial centers and how corrupt individuals exploit them to conceal and disguise the proceeds of crime. The training objectives were:

  • Enhance capacities to conduct financial analysis in the context of Philippines’ prosecution-led investigations
  • Provide advanced knowledge on topics such as:
    • Offshore financial centers
    • Legal structures
    • Case studies
    • Letters of request

Practical Exercise

Participants conducted a simulated country-specific financial crime investigation, focusing on unravelling corporate structures and beneficial ownership. The exercise demonstrated how easily offshore corporate entities can be established and subsequently abused by criminals.

Jurisdictional Analysis

The training also examined various financial center jurisdictions and offshore tax havens to determine:

  • Account-opening requirements
  • Due diligence information available
  • Techniques for freezing and analyzing accounts

Participants analyzed and discussed best practices for Mutual Legal Assistance in various jurisdictions, identifying and initiating key steps necessary to submit a successful request for international assistance.

Funding

The training was part of activities funded by the Ministry of Justice of the Government of the Republic of Korea.