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Metro Manila (CNN Philippines, September 11) – Make sure that the online transaction platforms you are using are not being designed by someone else to commit fraudulent activities.
The Anti-Money Laundering Council (AMLC) noted a growing number of suspicious transaction reports (STRs) this year at the time of the COVID-19 pandemic.
AMLC CEO Mel Racela said STR’s number from January to now is around 400,000, the same number for all of 2019.
“So yes, it has been on the rise and the use of suspicious transaction reports is not a good indication of whether they are useful to us or not,” Racela told reporters during the virtual press organized by the Office of Presidential Communications Operations.
However, Racela noted that not all STRs can be considered related to some illegal activity, especially if the crime was not properly identified.
He explained that the erroneous information found in the identification documents presented to a financial entity can be considered an STR but not necessarily a crime.
“Therefore, the number is not indicative of a growing number of crimes in the Philippines as well, but the AMLC has continuously conducted a study on ROS,” Racela added.
The AMLC chief also reminded so-called covered individuals to be careful when using online transaction platforms.
Among the people covered are those who work in banks, insurance companies, pawnshops, currency exchange houses, among many others.
For the full list of people covered, you can visit this section of the AMLC website: bit.ly/3k8XGnI
AMLC urges Congress to pass much-needed AMLA amendments
Meanwhile, the AMLC urged Congress to immediately pass certain amendments to the Anti-Money Laundering Act of 2001.
These include tax offenses such as money laundering predicate offenses and the inclusion of real estate developers and brokers as part of the covered persons.
Racela also wanted Congress to expand the powers of the AMLC, including issuing a subpoena and invoking contempt powers.
“Failure to approve and implement the AMLA amendments before February 2021 will have effects similar to those of the inclusion of the Philippines in the Gray List of the Financial Action Task Force – International Cooperation Review Group,” Racela warned.
The FATF-ICRG Gray List is comprised of nations considered high risk when it comes to money laundering.
He said this will lead to more levels of scrutiny from regulators and financial institutions in other countries.
Racela fears that this could also increase the cost of doing business with Filipinos and block the country’s chances of earning an A credit rating.
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