Philippines

New Documents

Senator Imee Marcos of the Philippines raised alarms over the country’s need to combat money laundering.

The Philippines’ Anti-Money Laundering Council issued a notice to regulated entities, reminding them of certain measures they must undertake as part of their customer due diligence obligations.

News

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 country's 2019 national risk assessment identified environmental crime, human trafficking, kidnapping for ransom, and terrorism as the top predicate crimes for money laundering. 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. The country faces additional difficulty in supervising and monitoring economic zones and freeports.
-Source: 2020 International Narcotics Control Strategy Report (INCSR)

Rankings

FATF i | 2013 Methodology

Technical Effectiveness
Compliant : 8 High : 0
Largely Compliant : 21 Substantial : 1
Partially Compliant : 10 Moderate : 4
Non-Compliant : 1 Low : 6

The Philippines' technical compliance was most recently re-rated in a Sept. 4, 2020 follow-up report

BASEL i

Rank : 44/125
Score : 5.81/10

TRANSPARENCY INTERNATIONAL i

Rank : 113/180
Score : 34/100

Tax Justice Network i

Rank : 60/133
Score : 63/100