Total cost is estimated at $575,000 equivalent, of which the national government will provide facilities and counterpart support valued at $175,000 equivalent. It will be carried out over about 12 months.
The executing agency is the Anti-Money Laundering Council (AMLAC) while implementing agencies include the Bangko Sentral ng Pilipinas (BSP), the Securities and Exchange Commission (SEC), Insurance Commission (IC), Department of Justice (DOJ), and the Supreme Court and other relevant courts.
It will produce a process map that systematically identifies key anti-money laundering (AML)-related vulnerabilities and the extent to which they are effectively addressed by the existing AML regime as well as obstacles and bottlenecks to effective implementation of the regime.
It is financed from ADB’s Cooperation Fund for Regional Trade and Financial Security Initiative, and supported by the governments of Australia, Japan, and the United States.
The TA will also provide direct support for key measures intended to allow for sustained, effective implementation of the regime. These include strengthening of compliance with suspicious transaction reporting requirements, development and establishment of locally- and computer-based training programs in key subject areas such as forensic accounting, strengthening of the legal and regulatory framework, and strengthened relationships between Philippine AML authorities and their counterparts in selected other jurisdictions in the region.
Significant capacity-building support has also been provided across a range of key AML-related institutions. In recognition of the substantial progress achieved in establishing its AML regime, the Philippines was removed from the Financial Action Task Force’s list of noncooperative countries and territories (NCCT) in February 2005.
The Philippines remains under a probationary period following its removal from the NCCT list during which significant progress on implementation is expected and is closely monitored.
"While the Philippines has made significant progress in some aspects of implementation, bottlenecks persist as is suggested by the lack of convictions to date on AML-related cases," says Thatha Hla, an ADB financial economist. – TPT