Money-laundering threat in PH rated ‘high’.
The money-laundering threat in the country has been classified as “high,” with the threat posed by drug trafficking rated the highest among predicate crimes, a government report showed.
According to “The 1st National Risk Assessment on Money Laundering and Terrorism Financing” report posted on the Anti-Money Laundering Council’s (AMLC) website, a self-assessment by Philippine authorities using 2011-2014 data showed that “the national money laundering threat is assessed to be high.”
Released this year, the report said this assessment was “based on the proceeds generated by select predicate crimes, money laundering trends and techniques and the prevalence of sectoral threats.”
Also, “after considering the ratings for national combating ability and sectoral vulnerabilities, the national vulnerability for money laundering is assessed to be ‘medium,’” the report added.
Vulnerability was measured through the quality of anti-money-laundering controls and products o
Read more: http://business.inquirer.net/215407/money-laundering-threat-ph-rated-high#ixzz4LJLe1rbW
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