FinCEN Advisory: Transactions Involving the Philippines, July 2000, Issue 24   [open pdf - 217KB]

The FinCEN Advisory "...is a recurring series designed for the financial, regulatory and law enforcement communities. Subsequent advisories will describe trends and developments related to money laundering and financial crime." In this issue of FinCEN: "This Advisory is being issued to inform banks and other financial institutions operating in the United States of serious deficiencies in the counter-money laundering systems of the Republic of the Philippines. The impact of such deficiencies on the scrutiny that should be given to certain transactions or banking relationships involving the Philippines, in light of the suspicious transaction reporting obligations of financial institutions operating in the United States, is discussed below. The Philippines is a southeast Asian archipelago with a population of approximately 77 million. Its economy, which generates an annual gross domestic product of over $81 billion, is a mixture of agriculture, services, and manufacturing. Its banking system, supervised by the Bangko Sentral ng Pilipinas (the .BSP.), accounts for more than 80% of the Philippines. financial sector. The counter-money laundering regime embodied in the legal, supervisory, and regulatory systems of the Philippines suffers from serious systemic problems."

Public Domain
Retrieved From:
Financial Crimes Enforcement Network: http://www.fincen.gov
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FinCEN Advisory (July 2000), iss.24
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