AMLC targets completion of National Risk Assessment by June

MANILA, Philippines — The Anti-Money Laundering Council (AMLC) aims to complete and publish the country’s third National Risk Assessment (NRA) by June, a key step in strengthening the country’s defenses against money laundering and terrorism financing.

AMLC executive director Matthew David told The STAR that the ongoing assessment covers data from 2021 to 2024. The NRA will help identify weaknesses in the country’s anti-money laundering and counter-terrorism financing (AML/CTF) framework.

“Our goal is to complete and publish the NRA by the end of June 2025. This timeline allows us to implement the assessment’s recommendations, address weaknesses in our AML/CTF regime and prepare for the mutual evaluation in 2027,” he said.

“We’ll make the final report available once it’s approved for release. Updates will be posted on the AMLC website.”

The NRA assessment will help authorities refine policies and prepare for the country’s next mutual evaluation by the Financial Action Task Force (FATF) in 2027.

“This NRA is a significant step in our ongoing efforts to strengthen our AML/CTF framework. We’re committed to ensuring the Philippines remains compliant with global standards and effective in combating money laundering and terrorism financing,” David said.

The NRA is a government-wide initiative designed to enhance risk-based AML/CTF measures. It relies on both quantitative and qualitative data gathered from various reports and relevant sources to provide a comprehensive analysis of financial crime threats.

The Philippines has conducted two previous NRAs, with the first covering 2011 to 2014 and the second assessing risks from 2015 to 2016. These evaluations have helped shape regulatory policies and address high-risk areas such as illicit financial flows and fraud.