fbpx Strengthening Anti-Money Laundering and Combating the Financing of Terrorism in the Philippines | Asian Development Bank

Strengthening Anti-Money Laundering and Combating the Financing of Terrorism in the Philippines

Video | 25 October 2019

ADB's Office of Anticorruption and Integrity supports the Philippines in strengthening its anti-money laundering and combating the financing of terrorism (AML/CFT) efforts.

ADB assisted the Central Bank of the Philippines and the Anti-Money Laundering Council to issue the country’s anti-money laundering implementing rules and regulations for the casino sector. ADB also helped the Securities and Exchange Commission build its AML/CFT capacity and comply with the requirements of the Financial Action Task Force (FATF). FATF is an inter-governmental policy-making body that sets standards for AML/CFT and other related threats.

Through a clustered regional technical assistance program on AML/CFT, ADB also assists other developing member countries, such as Bhutan, Mongolia, Tajikistan, and Papua New Guinea.

Transcript

In its 2017 National Risk Assessment, the Philippines identified its overall money laundering and terrorist financing threats as high.

In one case alone, PhP 3.8 billion (US$80.8 Million) of stolen funds ended up in casinos.

The Philippine Congress then amended the Anti-Money Laundering Act to cover the casino sector.

Jose Luis Syquia, Unit Head, Due Diligence Unit, Office of Anticorruption and Integrity of the Asian Development Bank says “Through a clustered regional technical assistance program on anti-money laundering, the Integrity Due Diligence team of ADB’s Office of Anticorruption and Integrity supported the Central Bank of the Philippines and the Anti-Money Laundering Council to issue the country’s anti-money laundering implementing rules and regulations for the casino sector.”

Mel Georgie Racela, Executive Director, Anti-Money Laundering Council Secretariat adds,“We said we need expertise in the passage of the implementing rules and regulations. We need capacity building because this is an area which is unexplored, which is very new to us. The collaboration is really strong with AMLC and the ADB.”

Jose Luis Syquia also says,"We eventually expanded our assistance to support the Philippines’ Securities and Exchange Commission (SEC) in establishing its own Anti-Money Laundering Division, and issued three key documents:”

         1. AML/CFT Guidelines for SEC Covered Institutions

         2. SEC’s Anti-Money Laundering Division Operations Manual

         3. Guidelines for the Protection of SEC Registered Non-Profit Organizations from Money Laundering and Terrorist Financing

ADB also assists the Philippines to comply with the Financial Action Task Force (FATF) standards.

FATF is an inter-governmental policy-making body that sets standards for AML/CFT and other related threats.

Jose Aquino, Director, Enforcement and Investor Protection Department, Securities and Exchange Commission says, "FATF has requirements. It has set standards. Had we relied on our resources, it would have taken a longer time. The soonest we are able to comply, the better for the Philippines. This technical assistance is a very big help.”

Teresita Herbosa, Former Chair, Securities and Exchange Commission says“Currently, the technical assistance that ADB has given us to train our people in AML/CFT efforts is doing quite well. I'm very glad that the ADB, even way back, has helped us in capacity building.”

And Emilio Aquino, Chair, Securities and Exchange Commission says, "During these perilous times, we are facing terrorism here and there, at least we are able to fulfill our mandate which is to counter the financing of terrorist activities. I'm really happy that you're there helping us out.”

ADB’s AML/CFT Regional Technical Assistance also supports other developing member countries, such as Bhutan, Mongolia, Tajikistan, and Papua New Guinea, in strengthening their AML/CFT regimes.

Learn more about ADB’s AML/CFT initiatives.
Office of Anticorruption and Integrity
www.adb.org/integrity