IMF flags need for AML reforms

Even after the Philippines' exit from the high-risk watchlists of global money laundering watchdogs, the International Monetary Fund (IMF) said several efforts still need to be made, including amendments to laws affecting banks.

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According to the Washington-based multilateral lender's staff report published last Dec. 15, the Philippines is urged to amend its antiquated Bank Deposits Secrecy Law to measure up to internationally accepted “good practices.”

Adopting such a measure would strengthen the Bangko Sentral ng Pilipinas' (BSP) effectiveness in supervising banks on the front of combating dirty money flows and terrorism financing.

In particular, the IMF suggested enhancing the identification and prosecution of terrorist financing cases, ramping up capacity to conduct probes involving crypto assets, and adopting an updated national anti-money laundering and combating the financing of terrorism (AML/CFT) framework.