Philippines

Reset Filter

Jurisdictions

Industry Sectors

Predicate Crimes

Enforcement

Regulatory Update

Featured Philippines

Philippines Tightens Know-Your-Employee Rules for Banks

The Philippine central bank has approved rules that will strengthen banks’ know-your-employee procedures as financial frauds surge during the pandemic. Banks and financial institutions must adopt a risk-focused screening which considers sensitivities of positions that may require stringent procedures, the Bangko Sentral ng Pilipinas said in a statement. There must… Read More

Philippines Widens Scope of Anti-Money Laundering Rules

The Philippines will now require all financing and lending companies to register with the Anti-Money Laundering Council, report suspicious transactions and comply with other rules aimed at combating money laundering and terrorism financing in the country. The rules previously applied only to financing and lending firms with more than 40%… Read More

Police in the Philippines burn P32-M worth of illegal drugs

The Philippine Drug Enforcement Agency in Region 11 (PDEA-11) on Monday burned about PHP32.5 million worth of illegal drugs seized in the entire Davao Region. A statement released on Tuesday said PDEA-11 director Antonio Rivera led the burning of 1,718 grams of methamphetamine hydrochloride locally known as “shabu” worth PHP11.68… Read More

30th March 2021

Philippines Billionaire Razon Sued for Ending Manila Casino Deal

Philippines billionaire Enrique Razon was sued in New York by a company that claims the tycoon illegally terminated an agreement to operate a Manila casino and is hiding assets in the U.S. to avoid paying an arbitration award. The suit, filed Monday in federal court in New York by Global… Read More

22nd March 2021

Philippines banks have medium risk exposure to money laundering, terror financing

Domestic banks and other financial institutions have a medium risk exposure to money laundering, terrorist and proliferation financing, according to the result of the Third Sectoral Risk Assessment (SRA) conducted by the Bangko Sentral ng Pilipinas (BSP), Anti-Money Laundering Council (AMLC) and other relevant institutions. BSP Governor Benjamin Diokno said… Read More

16th March 2021

Criminal Gangs Are Cashing in On Humanity’s Plastic Crap

Imagine for a moment the world of organized crime in Southeast Asia, and you may picture meth labs, human-trafficking rings, or the billion-dollar trade in endangered species. But lately law enforcement has noticed the oddest of goods circulating in the underworld: plastic junk such as bottles, candy wrappers and… Read More

1st March 2021

Philippines: AMLC eases registration of POGOs, realtors

The Anti-Money Laundering Council (AMLC) has relaxed the registration guidelines for Philippine offshore gaming operators (POGOs) as well as real estate developers and brokers. The guidelines were eased as real estate developers and brokers as well as POGOs only have until March 16 to register with the AMLC. These entities… Read More

15th February 2021

Philippines: New antimoney-laundering rules to focus on riskier institutions

A new money laundering risk assessment framework is expected to improve the Philippines’ defenses against the traffic of illicitly acquired cash and ensure the country’s compliance with international laws, according to the central bank. In essence, the new monitoring tool will result in regulators devoting more resources and paying closer… Read More

1st February 2021

Philippines’ Duterte tightens anti-money laundering rules to avoid `grey list’

Philippine President Rodrigo Duterte signed a law on Friday to strengthen anti-money laundering and terrorist financing regulations ahead of a Feb. 1 deadline set by a global financial watchdog. The Southeast Asian nation was at risk of returning to a Financial Action Task Force “grey list” which could delay foreign… Read More

27th January 2021

Philippines Issues Crypto Industry Guidelines to Guard Against Money Laundering

The Philippines central bank, Bangko Sentral ng Pilipinas (BSP), has released new guidelines for virtual asset service providers (VASPs) in a bid to prevent money laundering. The BSP said in a document issued Jan. 25, that under the framework, VASPs will need to apply for a license, a “certificate of… Read More

19th January 2021

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

5th January 2021

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

30th December 2020

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

Must Read

Cross-border drug trafficking cases nearly doubled in four years – EU agency

COVID-19 has transformed Somaliland’s remittance lifeline

CEO Debacle at Danske Bank Draws Warning From Shareholders

India’s Adani Faces Scrutiny for Port Deal in Myanmar

Singapore: Syndicate member behind S$2.5m cross-border investment scam gets jail