EXECUTIVE SUMMARY

Money Laundering Council (AMLC), the Philippines’ Financial In

to weaknesses or gaps in a jurisdiction’s defenses against ML and TF

& Markets. “Introduction to the National Assessment Tool.” June 2015
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the country’s external trade that year.

investigation after the cargo passed through the BOC’s express lane on 23 May 2017 without having
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It is estimated that 20% of the Philippines’ yearly national budget is lost to corruption.
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AML Index assesses countries’ adherence to AML/CTF standards, their perceived level of public
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effectively combat this threat, there is a need to identify the weaknesses and gaps in the country’s

National Combating Ability

(1) quality of AML policy and strategy (2 and 3) capacity and resources for
financial crime investigations and prosecutions (4) quality of FIU intelligence gathering (5)
formalization of level of the economy (6 and 7) capacity and resources for judicial processes and
integrity/independence of judges (8) customs controls on cash, (9) tax enforcement, quality of
CDD factors (10) reliable identification infrastructure, (11) beneficial ownership
information and (12) independent information sources, (13) comprehensiveness of customs
regime on cash and similar instruments (14) quality of border controls.

quality of AML policy and strategy

Availability and reliability of identification infrastructure, independent information sources and
accessibility to beneficial ownership information
quality of CDD framework

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(LTO) Driver’s License 

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 ed persons rely on client’s

Bankers Association of the Philippines’

reliability of financial records/book

Availability of Independent
Audit, Effectiveness of Tax Enforcement, Level of Financial Integrity
 the adoption of the “Revised RR for the Conduct by
the BOA of Oversight into the Quality of Audits of FS and Operations of CPA Practitioners.”

of the auditor’s selected

 here were notable CG reforms and improvements in investors’

systematically accelerate financial inclusion in the Philippines. The EO’s issuance marks anothe
 Quality of Cross-Border Controls on Cash and Similar Instruments
Comprehensiveness of Customs Regime, Effectiveness of Customs Control on Cash and Similar
Instruments (Quality of Customs Controls on Cash and Similar Instruments), Quality of Border
Controls

quality of border controls,

the FIU’s effectiveness in t
effectiveness of domestic cooperation effectiveness of international cooperation
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Banks’

BSP’s
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AML Knowledge of Banks’ Staff

Banks’ management shall address the human resource

Banks’ compliance units shall proactively conduct

Banks shall implement BSP’s directive to improve electronic

BSP shall continue assessment on banks’ compliance with

Securities’

Securities’
As SEC’s supervision regime is only geared towar
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The Insurance Sector’s performance continues to thrive.
industry’s vulnerability to such levels.

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NRA’s recommended action plan to address the identified weaknesses

he Philippines’
The change in the casino sector’s vulnerability rating from to Very High to

real estate sector

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country’s financial system has become more inclusive over the years. In terms of access, the
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 has been assessed as “Largely
Compliant” to the FATF standards with the passage of Republic Act No. 10168. The AMLC is

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ies, referred to prosecutor’s office