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Philippines: Bill strengthening AMLA gets final Senate nod

The Senate has approved on third and final reading a bill seeking to strengthen the Anti-Money Laundering Act (AMLA). Senate Bill No. 1945 garnered 21 affirmative votes and no negative votes during Monday’s session. “There are cracks in our financial institutions that some people have used to their advantage. With… Read More

Philippines: Child porn transactions hit P113 million in 6 months

Suspicious transactions worth P113.1 million related to child pornography were reported in the first half of last year, almost double the P65.8 million booked in 2019 as the government stepped up its campaign against the sexual abuse of children, the Anti-Money Laundering Council (AMLC) revealed. In a public bulletin titled… Read More

Duterte names lawmakers, district engineers allegedly involved in DPWH corruption

President Rodrigo Duterte on Monday read the names of current and former lawmakers who allegedly received kickbacks from the government’s public works projects. The list was provided by the Presidential Anti-Corruption Commission (PACC), which started the investigation in November. He also named Public Works Department district engineers allegedly involved in… Read More

28th December 2020

Philippines: Freeze order on CPP, NPA bank accounts

As the Anti-Terrorism Council (ATC) moved to cut off funding to the Communist Party of the Philippines (CPP), the New People’s Army (NPA), and the National Democratic Front (NDF), the Anti-Money Laundering Council (AMLC) has issued a freeze order on all bank accounts of the leftist bloc the government has… Read More

10th December 2020

Philippine SEC Proposes Stronger Rules on Beneficial Ownership

The Philippine SEC (Securities and Exchange Commission) has drafted new rules that aim to increase the transparency of beneficial ownership of corporations, in a bid to prevent them from being used as vehicles for money laundering and terrorist financing. “It is well established that the risk of misuse of corporate… Read More

24th November 2020

Philippines: AMLC urges vigilance as suspicious money transactions surge

The Anti-Money Laundering Council (AMLC) urged financial industry stakeholders to remain cautious and vigilant amid rising evidence that criminal elements may be abusing digital platforms that are now seeing greater adoption due to the pandemic. AMLC Chair and Bangko Sentral ng Pilipinas Gov. Benjamin Diokno said proper know-your-customer and customer… Read More

11th November 2020

The man who could explain the $2 billion Wirecard mystery is missing

On a cool Saturday evening in March, Jan Marsalek headed across Munich for dinner at the home of a friend. It was a welcome respite for the chief operating officer of German payment processor Wirecard AG, as the previous few weeks had been particularly exacting. Allegations of accounting fraud… Read More

9th November 2020

Philippines probes money flows linked to Wirecard, ex-official

The Philippines is examining financial transactions of a law office and a tour operator that “appeared to have acted for” Wirecard AG or the company’s former chief operating officer Jan Marsalek, Justice Secretary Menardo Guevarra said. The National Bureau of Investigation has submitted a progress report on its probe… Read More

30th October 2020

Criminals use real estate transactions in PH to wash dirty money — anti-money laundering body

Criminals are using real estate transactions to launder dirty money in the Philippines, a top official of the Anti-Money Laundering Council revealed. AMLC Executive Director Atty. Mel Racela confirmed this during a Senate hearing on Wednesday after lawmakers asked him why real estate developers and brokers should report cash transactions… Read More

29th October 2020

Philippines’ Duterte orders graft probe across state agencies

Philippine President Rodrigo Duterte said on Tuesday he had ordered the justice ministry to launch a sweeping investigation into graft across all government agencies, conceding that his country continued to be “plagued with corruption.” In 2016, Duterte won the presidency campaigning on a promise to fight corruption, crime and illegal… Read More

28th October 2020

Company ownership secrecy prevails in Southeast Asia, UN report says

Southeast Asian countries are lagging behind in the adoption of registries with information on companies’ true owners, a tool deemed crucial to fight corruption, money laundering and terrorism financing, according to a report by the United Nations Office on Drugs and Crime. “While transparency in the banking sector is… Read More

28th October 2020

Philippines: Senate to tackle proposals to amend AMLA

The Senate will start hearing the proposals to amend the Anti-Money Laundering Act (AMLA) to help boost the government’s efforts against the entry and flow of illegal money in the Philippines. “We expect to have an all-hands-on-deck involvement of top officials of concerned agencies in tackling this vital anti-corruption and… Read More

22nd October 2020

Westpac’s ties to Puerto Rico Bank Euro Pacific spark calls for financial crime reform

Westpac’s links to an offshore bank at the centre of a sweeping international money laundering and tax evasion probe have sparked fresh calls for reform of the financial sector’s approach to curbing crime. The nation’s second biggest bank, which was embroiled in a major money laundering scandal last year that… Read More

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