Financial Crime World

Financial Crime Definition in the Philippines

The Philippine government has defined financial crime as any conduct that is criminal and relates to money or financial services, including offenses involving fraud, dishonesty, misconduct, and handling the proceeds of crime.

What Constitutes Financial Crime?

According to section 1H(3) of the Financial Services and Markets Act 2000 (FSMA 2000), financial crime includes a wide range of offenses such as:

  • Fraud
  • Tax evasion
  • Financial sanctions
  • Bribery
  • Corruption
  • Money laundering
  • Breaches of data security

Combating Financial Crime in the Philippines

The Philippine government has taken steps to combat financial crime by enacting laws and regulations that prohibit certain conduct and impose penalties on those who engage in it. Some examples include:

  • The country’s anti-money laundering law requires financial institutions to report suspicious transactions and maintain records of customer identities.
  • The Bangko Sentral ng Pilipinas (BSP) regulates and supervises banks and other financial institutions.
  • The Securities and Exchange Commission (SEC) regulates and oversees the securities industry.
  • The National Bureau of Investigation (NBI) investigates and prosecutes financial crimes.

International Cooperation

The Philippine government has also established relationships with international organizations to combat financial crime. For example:

  • The International Monetary Fund (IMF) and the World Bank have praised the country’s progress in implementing anti-money laundering and combating the financing of terrorism (CFT) measures.
  • The Philippines has signed various international agreements aimed at combating financial crime, including:
    • United Nations Convention Against Corruption
    • Asia-Pacific Group on Money Laundering

Conclusion

In conclusion, the definition of financial crime in the Philippines includes a wide range of offenses that are criminal and relate to money or financial services. The Philippine government has taken steps to combat financial crime by enacting laws and regulations, establishing agencies and institutions to investigate and prosecute such crimes, and implementing international agreements aimed at combating financial crime.