In a recent interview with Philippine news outlet BusinessWorld, Choon Hong Chua of Moody’s Analytics Inc remarked on the Philippines’ dedication to enhancing its anti-money laundering (AML) and combatting the financing of terrorism (CFT) measures. Moody’s Analytics, distinct from Moody’s Investors Service Inc, provides analytical insights.
Following the Financial Action Task Force’s (FATF) decision in June 2021 to place the Philippines on its “grey list” for jurisdictions requiring increased monitoring regarding financial crime risk, there have been ongoing efforts to address these concerns. Despite no action taken during FATF’s recent plenary session in February to remove the country from the list, Philippine officials have expressed optimism about potential progress.
Chua highlighted areas of concern, noting a significant incidence of money laundering associated with gaming activities, including online gambling and land-based casinos. Additionally, he mentioned the prevalence of money laundering tied to organized crime and elaborate scam operations within the region, some of which operate from the Philippines.
An analysis from Moody’s Grid database reported by BusinessWorld indicated a notable increase in money laundering events in the Philippines from 2018 to 2023, with a 45 percent rise from 2022 to 2023.
However, Chua acknowledged the current administration’s commitment, led by President Ferdinand Marcos Jr., to enact reforms. He noted proactive steps taken to enhance AML competency within the banking sector.
Efforts are underway from the Philippines’ Anti-Money Laundering Council to ramp up investigations and prosecutions related to illicit financial activities. Chua emphasized the importance of private sector involvement, urging prompt adherence to requirements to facilitate the country’s removal from the FATF grey list. He also emphasized the necessity for private sector investment in building capabilities for a more efficient, digitized system.
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