‘Money laundering threat remains high’

Money laundering remains a serious threat for the Philippines given factors such as regulatory loopholes, legal setbacks and the need for increased coordination among agencies, the country’s financial intelligence unit said.

The Anti-Money Laundering Council (AMLC), in its Second National Risk Assessment (NRA) Report covering the 2015-2016 period, evaluated the effectiveness of the country’s existing anti-money laundering and counter-terrorist financing mechanisms.