Financial Crime World

Philippines Steps Up Efforts Against Financial Crimes, Eyes Global Compliance

The Philippines government has intensified its drive against financial crimes, with various agencies committing to complete their respective deliverables by year-end to enhance the country’s anti-money laundering and countering the financing of terrorism (AML/CFT) regime. This move aligns with President Ferdinand R. Marcos Jr.’s vow to boost the country’s standing in the global fight against financial crimes.

Key Objectives

Supervisors, regulators, prosecutors, and law enforcement agencies gathered recently to discuss their efforts in completing key objectives, including:

  • Strengthening Designated Non-Financial Businesses and Professions (DNFBPs): Improving compliance among DNFBPs is a crucial step in preventing financial crimes.
  • Casino Junkets: Mitigating risks associated with casino junkets to prevent money laundering and terrorism financing.
  • Beneficial Ownership: Establishing a more robust beneficial ownership information database to improve transparency and accountability.
  • Money Laundering and Terrorism Financing Prosecution: Enhancing investigation and prosecution efforts to combat financial crimes effectively.
  • Cross-Border Declaration Measures: Improving implementation of cross-border currency declaration measures to prevent illegal activities.

Collaborative Efforts

The Financial Action Task Force (FATF) has recommended the Philippines strengthen its AML/CFT regime in these areas. Through collaboration among government agencies, the country is strengthening its resolve to address remaining action plan items and report progress to President Marcos.

The collaborative efforts have yielded positive results, including:

  • Increased Compliance: Increased compliance among DNFBPs, casino junkets, and other entities.
  • Mitigation of Risks: Mitigating risks associated with casino junkets and improving implementation of cross-border currency declaration measures.
  • Robust Beneficial Ownership Database: Establishing a more robust beneficial ownership information database.

Private Sector’s Role

To achieve this collective objective, the private sector is urged to actively contribute by adhering to pertinent laws and regulations. The Philippines government expects the private sector to play a crucial role in preventing financial crimes and promoting global compliance.