Member Article

In a special report prepared with Conventus Law, SyCipLaw partner Ma. Patricia B. Paz-Jacoba and senior associate Ramon I. Rocha IV gave updates on the Philippines' enhanced Anti-Money Laundering (AML) enforcement framework, and provided insights for organizations looking to adopt a more proactive approach to AML compliance and risk management.

The report discusses the factors, as explained by the Anti-Money Laundering Council (AMLC), that led to the adoption of the National Anti-Money Laundering, Counter-Terrorist Financing, and Counter Proliferation Financing Strategy 2023-2027 (NACS 2023-2027), and the formation of the National Anti-Money Laundering/Counter-Terrorism Financing/Counter Proliferation Financing Coordinating Committee (NACC). While acknowledging progress in critical areas of AML enforcement, the country remains on the Financial Action Task Force (FATF) "grey list", and so the report also focuses on regulatory changes that affected organizations may need to anticipate and other factors they may need to consider in managing operational risks.

Read the full special report on the Conventus Lawwebsite.