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The 1St Philippine National Risk Assessment on Money Laundering and Terrorism Financing

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The 1St Philippine National Risk Assessment on Money Laundering and Terrorism Financing 2011 - 2014 The 1st Philippine National Risk Assessment on Money Laundering and Terrorism Financing The National ML/TF Risk Assessment of the Philippines has been conducted as a self-assessment by Philippine authorities, using the National Money Laundering and Terrorist Financing Risk Assessment Tool that has been developed and provided by the World Bank. The World Bank team's role was limited to delivery of the tool, providing guidance on technical aspects of it and review/feedback to assist with the accurate use of it. The data, statistics, and information populated into National Money Laundering and Terrorist Financing Risk Assessment Tool templates, and any other finding, interpretation, and judgment under the scope of National Money Laundering Risk Assessment process, completely belong to the Philippine authorities and do not reflect the views of the World Bank, its Board of Executive Directors or the governments they represent. Nothing herein shall constitute or be considered to be a limitation upon or waiver of the privileges and immunities of the World Bank, all of which are specifically reserved. Manila 2016 National Risk Assessment – Philippines 2011-2014 Manila 2016 Contents EXECUTIVE SUMMARY ............................................................................................................................ 6 PHILIPPINE NATIONAL RISK ASSESSMENT ............................................................................................ 36 OVERALL ASSESSMENT ......................................................................................................................... 37 I. OVERALL MONEY LAUNDERING AND TERRORIST FINANCING THREAT ........................................ 38 I.A. Money Laundering ................................................................................................................ 38 I.A.1. Major Predicate Crimes.................................................................................................. 38 I.A.2. Other Predicate Crimes .................................................................................................. 47 I.B. Sector Threat Analysis ........................................................................................................... 54 I.B.1. Banking Sector................................................................................................................ 54 IB.2. Securities Sector ............................................................................................................. 55 I.B.3 Insurance Sector ............................................................................................................. 56 I.B.4 Remittance Agencies and Foreign Exchange Dealers .................................................... 56 I.B.5. Dealer in Precious Metals and Stones ............................................................................ 57 I.B.6. Real Estate ...................................................................................................................... 57 I.C. The Level of External Threat ................................................................................................. 58 I.D Terrorism and Terrorist Financing Threat Assessment ......................................................... 59 I.E. Recommended Action Plan ................................................................................................... 60 IV. NATIONAL VULNERABILITY ....................................................................................................... 61 II.A. Policy and implementation ................................................................................................... 61 II.B. Criminalization of Money Laundering ................................................................................... 62 II.C. Money Laundering Investigation .......................................................................................... 62 II.C.1. STR Data Analysis ........................................................................................................... 62 II.C.2. Capacity of Money Laundering Investigators................................................................. 67 II.C.3. Integrity and Independence of Money Laundering Investigations ................................ 68 II.C.4. International Cooperation ............................................................................................. 69 i National Risk Assessment – Philippines 2011-2014 Manila 2016 II.C.5. Domestic Cooperation ................................................................................................... 70 II.C.6. Access to Reliable Information and Evidence ................................................................ 71 II.D. Money Laundering Prosecution ............................................................................................ 79 II.D.1. Integrity and Independence of Money Laundering Prosecutors ................................... 79 II.D.2. Capacity of Money Laundering Prosecutors .................................................................. 80 II.D.3. Criminal Penalties........................................................................................................... 80 II.E. Money Laundering Conviction .............................................................................................. 82 II.E.1. Integrity and Independence of Presiding Officers ......................................................... 82 II.E.2. Capacity of Presiding Officers ........................................................................................ 83 II.F. Asset Forfeiture ..................................................................................................................... 83 II.F.1 Asset Forfeiture Laws ..................................................................................................... 83 II.F.2. Capacity of Asset Forfeiture Investigators ..................................................................... 86 II.F.3. Integrity and Independence of Asset Forfeiture Investigators ...................................... 86 II.F.4. Asset Forfeiture Orders .................................................................................................. 86 II.F.5. International Cooperation in Asset Forfeiture ............................................................... 87 II.G. Overall Sector Vulnerability .................................................................................................. 89 II.F. Recommended Action Plan ................................................................................................... 89 III. BANKING SECTOR ...................................................................................................................... 91 III.A. AML Policies and Procedures ................................................................................................ 91 III.A.1. AML Regulations ............................................................................................................ 91 III.A.2. Management’s Commitment and Leadership - High ..................................................... 92 III.A.3. Compliance Function - High ........................................................................................... 93 III.B. Quality of AML Operations ................................................................................................... 93 III.B.1. Customer Due Diligence Framework - Medium/High .................................................... 93 III.B.2. AML Monitoring ............................................................................................................. 95 III.B.3. Staff Compliance - Medium/High ................................................................................... 95 III.C. Product and Service Vulnerability ......................................................................................... 97 ii National Risk Assessment – Philippines 2011-2014 Manila 2016 III.D. Recommended Action Plan ................................................................................................... 99 IV. SECURITIES SECTOR ................................................................................................................. 101 IV.A. AML Policies and Procedures .............................................................................................. 101 IV.A.1. AML Regulations .......................................................................................................... 101 IV.A.2. Management’s Commitment to Leadership ................................................................ 101 IV.A.3. Compliance Function .................................................................................................... 102 IV.B. Quality of AML Operations ................................................................................................. 103 IV.B.1. Customer Due Diligence Framework - Medium/High .................................................. 103 IV.B.2. AML Monitoring ........................................................................................................... 104 IV.B.3. Staff Compliance .......................................................................................................... 104 IV.C. Product and Service Vulnerability ....................................................................................... 106 IV.D. Recommended Action Plan ................................................................................................
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