MANILA, Philippines — The Philippines’ financial industry is modestly susceptible to getting used for criminal activities, including money laundering and plunder, raising the specter for further defenses in the fast-growing sector. Corporate regulators see a “medium risk” of crime penetrating the financial sector based on an assessment of 304 players including investment houses, dealers and brokers that flagged suspected activities between January 2017 and December 2019. That said, the report encompasses a wide range of criminal activities predicated to money laundering and terrorist financing. Ninety percent of the dubious reports filed with the government, involving P7.96 billion in funds, were for suspected money laundering. “Consequences for the securities sector broadly include a diminished level of market integrity leading to a general loss in public trust and confidence on the securities sector, as well as an adverse impact on earnings and revenue across the sector,” the report added.

Source: Philippine Star May 18, 2021 07:18 UTC