Financial Crime World

Here is the article rewritten in markdown format:

Financial Crime Investigation Techniques Strengthened in Philippines with UNODC Training Workshop

Manila, November 18, 2022 - The Philippines has taken a significant step forward in its fight against financial crimes as anti-corruption authorities gathered for an Offshore Financial Crimes Investigation Training Workshop organized by the United Nations Office on Drugs and Crime (UNODC) from November 14 to 18.

Participants and Objectives

Thirty-one participants from key 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

attended the training. The workshop focused on:

Tactics Used by Criminals to Hide Illegal Activities

Best Practices for Investigating Offshore Financial Crimes

The training aimed to equip investigators with a deeper understanding of legal structures associated with offshore financial centers and how corrupt individuals exploit them to conceal and disguise criminal proceeds.

Simulation Exercise

During the workshop, participants conducted a simulated country-specific financial crime investigation, which involved:

  • Unravelling corporate structures
  • Identifying beneficial ownership

The exercise highlighted the ease with which offshore corporate entities can be established and abused by criminals.

Topics Covered

The training also covered topics such as:

Offshore Financial Centers

Case Studies

Letters of Request

Participants analyzed and discussed best practices for submitting a successful request for international assistance, including identifying key steps necessary to submit a successful request.

Funding and Initiatives

This training was funded by the Ministry of Justice of the Government of the Republic of Korea as part of its activities to support anti-corruption efforts in the Philippines. The workshop is one of several initiatives undertaken by UNODC to strengthen anti-corruption capacities in Southeast Asia.