Phl strengthens measures against financial crimes

The Philippines is strengthening its efforts in combating financial crimes, with various government agencies expressing their commitment to fulfilling key objectives aimed at enhancing the country’s antimoney laundering and countering the financing of terrorism (AML/ CFT) regime.

In a recently concluded meeting, supervisors, regulators, prosecutors, and law enforcement agencies discussed their efforts to complete their respective deliverables by the end of the year. This aligns with President Ferdinand R. Marcos Jr.’s commitment to enhancing the country’s standing in the global fight against financial crimes.

“In the meeting, all concerned agencies expressed commitment to complete their respective action plan items,” said Anti-Money Laundering Council Secretariat Executive Director Matthew M. David.

The Financial Action Task Force (FATF), an intergovernmental body that sets international standards on AML/ CFT, has recommended earlier to further strengthen the Philippines’ AML/CFT regime through action plans in the following areas: designated non-financial businesses and professions (DNFBPs), casino junkets, beneficial ownership, money laundering and terrorism financing prosecution, and cross border declaration measures.

“Through collaboration among the agencies, we are strengthening our resolve to address the remaining action plan items suggested by FATF and report the progress to the President, David added.

The collaborative efforts taken by government agencies have resulted in increased compliance among DNFBPs, mitigation of risks in casino junkets, and a more robust beneficial ownership information database.

The Philippines has enhanced its implementation of cross-border currency declaration measures and bolstered its efforts in AML/CFT investigation and prosecution. The private sector is urged to actively contribute to this collective objective by adhering to pertinent laws and regulations.