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Combating Financial Terrorism in the Philippines: International Support Boosts Fight Against Money Laundering and Terrorist Financing
The Philippine government has identified money laundering and terrorist financing as high-risk threats, with a staggering PhP 3.8 billion (US$80.8 million) of stolen funds found to have ended up in casinos in one case alone. In response, the country’s Congress amended the Anti-Money Laundering Act to cover the casino sector.
International Support
The Asian Development Bank (ADB) has been providing crucial technical assistance to help the Philippines combat financial terrorism. Through a regional program, the ADB supported the Central Bank of the Philippines and the Anti-Money Laundering Council in issuing implementing rules and regulations for the casino sector.
- The collaboration between the ADB, AMLC, and other government agencies was described as “strong” by Mel Georgie Racela, Executive Director of the Anti-Money Laundering Council Secretariat.
- The ADB also assisted the Philippines Securities and Exchange Commission (SEC) in establishing its own Anti-Money Laundering Division and issued three key documents:
- AML/CTF Guidelines for SEC Covered Institutions
- SEC’s Anti-Money Laundering Division Operations Manual
- Guidelines for the Protection of SEC Registered Non-Profit Organizations from Money Laundering and Terrorist Financing
Compliance with International Standards
The Philippines is also working to comply with the Financial Action Task Force (FATF) standards, which sets requirements for anti-money laundering and combating the financing of terrorism (AML/CTF). Jose Aquino, Director of Enforcement and Investor Protection Department at the SEC, noted that the technical assistance from ADB has been a “big help” in complying with FATF’s standards.
Success Stories
The success of the AML/CTF efforts in the Philippines has been praised by its former Chairperson, Teresita Herbosa, who commended the ADB for providing training and capacity-building programs. Emilio Aquino, current Chair of the SEC, also expressed gratitude to the ADB, stating that their assistance has enabled the country to fulfill its mandate to counter the financing of terrorist activities.
Regional Program
The ADB’s AML/CTF Regional Technical Assistance program not only supports the Philippines but also assists other developing member countries, such as Bhutan, Mongolia, Tajikistan, and Papua New Guinea, in strengthening their AML/CTF regimes.