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ICC Authorizes Investigation Into Philippines’ ‘War on Drugs’

By Henry Pope, OCCRP, 19 September 2021 OCCRP — The International Criminal Court (ICC) green-lit an investigation Wednesday into how the Philippine government waged its ‘war on drugs’ between 2011 and 2019. President Rodrigo Duterte has spearheaded a hardline approach in dealing with people who use… Read More

Philippines: BIR to probe into tax compliance of 250 social media ‘influencers’

The taxman will investigate 250 high-earning social media “influencers” to check whether they have been paying their taxes, as the government looks to cash in on the exponential growth of the digital economy amid the pandemic. Letters of authority (LOA) for the conduct of a probe have been sent to… Read More

Philippines: AMLC wants owners of suspicious accounts disclosed

The Anti-Money Laundering Council (AMLC) has ordered banks and other financial institutions to include in their suspicious transaction reports (STRs) the identities of the beneficial owners or account holders as the country continues to ramp up its fight against money laundering and terrorist financing. In an advisory, the country’s sole… Read More
26th August 2021
The proliferation of cybercrime, especially with the heightened digitalization of financial transactions amid the pandemic, has made it imperative for Congress to pass the proposed Bank Account and E-Wallet Regulation Act to further protect the financial system, the banking community said. The proposed legislation under House Bill No. 9615 punishes… Read More
19th August 2021
Philippine President Rodrigo Duterte has included a bill seeking to ease the country’s strict bank secrecy rules in his list of legislative priorities in his final year in office, the central bank said on Wednesday. The move comes weeks after a global dirty money watchdog – the Financial Action Task… Read More
16th August 2021
The Bangko Sentral ng Pilipinas (BSP) will closely monitor the operations of licensed operators, as well as their compliance with rules and regulations to ensure the safety, efficiency and reliability of the payment system in the country. The regulator issued Memorandum 2021 045 requiring registered non-bank operators of payment systems… Read More
16th August 2021
The FIAU has fined the Maltese subsidiary of Swiss money transfer brand Sendvalu a total of €502,000 for money laundering breaches. The company, AWS Malta, is owned by AWS Switzerland, and its Maltese directors include Jean-Pie Gauci-Maistre of Gauci-Maistre Xynou law firm, chief financial officer Steven Zammit Cutajar, and Mark… Read More
20th July 2021
The Anti-Money Laundering Council (AMLC) will now begin freezing accounts related to the National Democratic Front of the Philippines (NDFP) after the anti-terror council designated the group as terrorists. “The AMLC issued resolution No. TF.42 Series of 2021 directing the issuance of sanctions freeze order to take effect immediately against… Read More
20th July 2021
More real estate brokers and developers are registering with the Anti-Money Laundering Council (AMLC) after being included as covered entities in the monitoring of dirty money transactions in the country. The AMLC said close to 3,300 real estate brokers and developers registered as of end-May, representing about 11 percent of… Read More
14th July 2021
The Philippines’ real estate sector has a medium high vulnerability to dirty money transactions due to limited anti-money laundering/combating the financing of terrorism (AML/CFT) regulation, according to the Anti-Money Laundering Council (AMLC). In a report, the AMLC said it received 142,562 covered transaction reports (CTRs) worth P684.4 billion, as well… Read More
29th June 2021
The Bangko Sentral ng Pilipinas (BSP) has revoked the license of another money changer as it continues to ramp up its campaign against illegally operating money service businesses (MSBs). The regulator said the Monetary Board has cancelled the certificate of registration of Nashima Money Changer as a foreign exchange dealer… Read More
29th June 2021
Senator Paul Laxalt was in a classified briefing about political chaos in the Philippines when an assistant interrupted: He had an urgent phone call from Manila. On the other end of the line was Ferdinand Marcos, the country’s president. Marcos wanted to know if it was true that Ronald Reagan… Read More
28th June 2021
The Financial Action Task Force (FATF) on Friday added Malta, Haiti, South Sudan and the Philippines to its list of jurisdictions requiring increased monitoring for their shortcomings in meeting international standards on fighting money laundering and terrorist financing. As part of the designations, the jurisdictions agreed… Read More