PH a destination for illicit funds — AMLC
Credit to Author: MAYVELIN U. CARABALLO, TMT| Date: Wed, 22 May 2019 08:51:53 +0000
THE country has become a destination of illicit funding from four predicate crimes, including terrorism, according to the latest risk assessment report released by the Anti-Money Laundering Council (AMLC) on Wednesday.
The AMLC said the assessment measured the exposure of the country to the threats originating from within and outside the Philippine jurisdiction by analyzing 161,650 Suspicious Transaction Reports (STR) received by AMLC from January 2013 to December 2017, which amounted to over P17 trillion.
“The study indicates that . . . illicit funds from illegal activities from the following unlawful activities: violation of environmental law; illegal trafficking of persons; kidnapping for ransom; and terrorism and conspiracy to commit terrorism . . . ,” were sent to the Philippines, it said.
That said, AMLC said there was a need for immediate referral of various STRs to the appropriate law enforcement agencies, supervisory authorities, AMLC public-private program partners and other jurisdictions through their respective financial intelligence units.
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