2021 Annual Anti-Cash Laundering/Counter Terrorism Financing Summit

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Welcome to the digital 2021 Annual Anti-Cash Laundering/Counter-Terrorism Financing(AML/CTF) Summit, hosted by the Anti-Cash Laundering Council and Fintelekt. 

It’s a pleasure to come back along with you as we stock on with the essential process of preventing and stopping cash laundering and terrorism financing.

In 2017, the AMLC accredited the Second Nationwide Threat Evaluation – or NRA – Report, overlaying the years 2015 and 2016, to strengthen the Philippines’ AML/CTF regime.

The Second NRA discovered that the extent of nationwide cash laundering menace is excessive, arising from the predicate crimes of drug trafficking; graft and corruption; fraud; tax crimes; smuggling; Mental Property Legislation violations;  unlawful manufacture and possession of firearms, ammunition, and explosives; and environmental crimes. 

Banks and cash service companies have been recognized to be the sectors primarily and extensively utilized by criminals to launder the proceeds of crimes.

The extent of nationwide cash laundering vulnerability, alternatively, is medium. 

Casinos have excessive vulnerability, whereas cash service companies and pawnshops have medium-high vulnerability. The remainder of the sector is medium.

Nonetheless, terrorism menace within the Philippines is excessive. Likewise, terrorism financing vulnerability and terrorism financing menace are each excessive as such organizations seem to have a scientific and established methodology of elevating funds for his or her operations.

Based mostly on the general analysis of things, the nationwide cash laundering and terrorism financing menace is excessive; whereas the nationwide cash laundering and terrorism financing vulnerability is medium. Thus, the extent of cash laundering and terrorism financing danger is medium-high.

This evaluation is unquestionably a trigger for concern, however the AMLC has bolstered and carried out risk-mitigation AML/CTF methods and initiatives, even within the face of the pandemic. 

The AMLC continues to guard the integrity of the Philippine monetary system pursuant to the Anti-Cash Laundering Act of 2001, as amended; the Terrorism Financing Prevention and Suppression Act of 2012; and, only in the near past, the Anti-Terrorism Act of 2012. 

Enable me to go over some ongoing initiatives and initiatives by the AMLC and our companions from the private and non-private sectors. 

First. The AMLC is carefully coordinating with legislation enforcers, such because the Nationwide Bureau of Investigation and the Philippine Nationwide Police, as they’re the first investigators for predicate crimes. For the primary eight months of 2021, the AMLC has filed a complete of 85 instances, various from civil and legal instances and involving over PhP1.31 billion and different property.

Additional, the implementation of the Nationwide Anti-Cash Laundering and Countering the Financing of Terrorism Technique for 2018 to 2022-or NACS-continues to progress. The NACS is aimed toward coordinating efforts of related businesses in combating cash laundering and terrorism financing. 

The NACS has additionally built-in the Worldwide Co-Operation Evaluation Group (ICRG) Motion Plan to make sure a whole-of-nation strategy in addressing our  nation’s shortcomings in its AML/CTF system.

Second. The AMLC is sharing its research with legislation enforcement businesses and companion coated individuals to extend consciousness of cash laundering and terrorism financing typologies and pink flags. These danger assessments, strategic research, and typologies embrace the next:

1. First, Terrorism and Terrorism Financing Threat Evaluation, which is an replace of the Second Nationwide Threat Evaluation, significantly on the understanding and evaluation of terrorism and terrorism financing dangers;

2. Second, Overseas Terrorist Fighters Examine utilizing Suspicious Transaction Stories;

3. Third, Cash Service Enterprise: 2021 Cash Laundering and Terrorism Financing Sector Threat Evaluation, which signifies how sure providers and merchandise of MSBs are exploited by criminals to facilitate and broaden unlawful actions;

4. Fourth, Actual Property Sector: A Cash Laundering/Terrorism Financing/Proliferation Financing Evaluation, which examines the potential legal menace setting and vulnerabilities related to the actual property sector;

5. Fifth, An Evaluation of the Philippines’ Publicity to Exterior and Inner Threats Based mostly on Suspicious Transaction Stories for 2018 to 2020, which seems to be into the nation’s danger and publicity to cash laundering, terrorism financing, and totally different predicate offenses by gathering data on the era, motion, and habits of illicit funds and by evaluating the threats originating inside and outdoors the nation’s jurisdiction;

6. Sixth, An Evaluation of Suspicious Transaction Stories with Doable Hyperlinks to Tax Crimes, which is a examine on the potential publicity of the Philippines to tax crimes previous to the inclusion of tax evasion as a predicate offense to cash laundering by specializing in chosen suspicious transaction experiences; and

7. Lastly, Suspicious Transaction Report High quality Evaluation: 2017 to 2020 Information Discovery that covers 2.4 million STRs, which the AMLC acquired from 2017 to 2020 from coated individuals and that goals to supply a development evaluation for the coated durations; assess the technical compliance and investigative worth of the STRs; and establish the reporting gaps and challenges of coated individuals to supply steerage on the way to enhance the standard of STRs.

Most of those experiences can be found on the AMLC’s web site for the steerage of our stakeholders.

The AMLC has additionally issued a number of amendments to AML/CTF laws this 12 months to strengthen the Philippines’ AML/CTF supervisory framework. 

With a extra sturdy framework in place, enhancements in AML/CTF operations are anticipated, demonstrating the Philippines’ progress towards a simpler AML/CTF regime.

By now, we perceive that the nation’s exit from the record of Jurisdictions beneath Elevated Monitoring or the gray record requires dedication and cooperation amongst the private and non-private sectors in addressing all 18 ICRG motion plan gadgets. 

Past mere compliance, we should grasp that this about basically strengthening our AML/CTF system that may show useful even past our lifetimes.

And it’s by means of these sorts of conferences, the place we’re capable of synergize varied views and, in the end, regroup and rethink our methods in beating the cash launderers, terrorists and their financiers, and different criminals at their very own sport.

The AMLC extends its deepest gratitude to your relentless dedication and vitality to fight cash laundering and terrorism financing and protect the integrity of the monetary system. Thanks.

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