PH highly vulnerable to money laundering — study
The Philippines remains a favorable venue for criminals to cleanse ill-gotten wealth, according to this inter-agency report.
Money laundering threat at the national level remains “high,” according to the second national risk assessment report published by the Anti-Money Laundering Council (AMLC) for the years 2015-2016.
Most of the dirty money are channeled through banks, which often come from crimes like tax evasion, illegal drugs, human trafficking, arms dealing, and corruption in government.
In fact, over P600 billion in illegal money have been transferred across accounts and banking products during the said years.
“The AMLC investigated money laundering cases involving proceeds allegedly derived from estafa, trafficking in persons, kidnapping for ransom and violation of E-Commerce Act cases sourced from abroad. These cases involve a total amount of more than P902 million of illicit funds from other jurisdictions,” the report added, noting that even foreign syndicates use the Philippines to cleanse stolen or illicit money.
The $81 million Bangladesh Bank heist occurred in 2016, involving the Rizal Commercial Banking Corp. and remittance provider PhilRem.