PHILIPPINES RISK ASSESSMENT REPORT ON AML/CFT THREATS

On 23rd May, the Rappler website published an article saying that the Philippines Anti-Money Laundering Council has published a report which covered 161,650 suspicious transaction reports (STR) of January 2013 to December 2017.  In terms of volume, majority of the inflows and outflows of all predicate crimes have been linked to the US.  In terms of peso amount, majority of incoming criminal proceeds were coursed through various banks in the UK, while large amounts of outgoing funds were sent mostly to Hong Kong.  he UK, US, and Oman were the countries that have the most number of transactions linked to drugs from 2013 to 2017; and the UAE, Oman, and the US were the countries with large amounts of inward remittance transactions during the same period.

https://www.rappler.com/business/231347-amlc-says-money-drugs-human-trafficking-coursed-through-banks-philippines

The report is at –

http://www.amlc.gov.ph/images/PDFs/Study%20on%20External%20Threats%20Using%20STR%20Data%20from%202013%20-%202017.pdf

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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