Philippines

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The Philippines’ Anti-Money Laundering Council issued a notice to regulated entities concerning their obligations under Resolution No. 149, or the regulator’s Guidelines on Digitalization of Customer Records.

The Anti-Money Laundering Council of the Philippines published an advisory encouraging regulated entities to disclose the beneficial owners of account holders or customers when filing suspicious transaction reports.

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Enforcement Actions

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Important Facts

  • The U.S. State Department labels the Philippines as a major money laundering country, particularly given the country's geographic location within key trafficking routes. The COVID-19 pandemic resulted in new emerging threats for the country, including higher instances of money laundering, environmental crimes, and human trafficking. Drug trafficking also remained a pervasive challenge, with increased activity around seaports.¬†Corruption and a growing online gaming industry also serve as sources of criminal proceeds.¬† The banking sector remains the primary avenue for money laundering followed by money service businesses, including foreign exchange dealers, moneychangers, remittance centers, and pawnshops. Criminal organizations and terrorists exploit the country's cash and remittance-based economy, strict bank secrecy laws, numerous, unregulated charities, and under-resourced authorities to further their criminal activities. In 2020, the country's Anti-Money Laundering Council filed 79 cases, including three petitions for asset forfeiture. Legislators also passed the Anti-Terrorism Act of 2020 to facilitate the adjudication of money laundering cases.
-Source: 2021 International Narcotics Control Strategy Report (INCSR)

Rankings

FATF i | 2013 Methodology

Technical Effectiveness
Compliant : 8 High : 0
Largely Compliant : 27 Substantial : 1
Partially Compliant : 5 Moderate : 4
Non-Compliant : 0 Low : 6

The Philippines' technical compliance was most recently re-rated in a Aug. 19, 2021 follow-up report.

BASEL i

Rank : 45/141
Score : 5.67/10

TRANSPARENCY INTERNATIONAL i

Rank : 113/180
Score : 34/100

Tax Justice Network i

Rank : 60/133
Score : 63/100