By Anna Leah Gonzales
MANILA – The Asian Development Bank (ADB) is helping the Philippines combat illicit finance by strengthening the implementation of anti-money laundering and counter-terrorism financing measures.
In a statement Monday, the Department of Finance (DOF) said the ADB has a total of USD500,000 available regional technical assistance that the Philippines and other developing member countries can tap to fund these initiatives.
The Philippines, through the Securities and Exchange Commission, is one of the recipients of the technical assistance, along with ADB’s other developing member countries.
The DOF said the technical assistance will help the Philippines address financial crimes by enhancing the capacity of government agencies and other relevant institutions to implement and enforce appropriate safeguards.
The assistance is in line with President Ferdinand R. Marcos Jr.’s directive to strengthen the country’s efforts against money laundering and terrorism financing.
“Through this assistance, we are strengthening the capacity of our institutions to prevent illicit finance and comply with international standards. These efforts help protect Filipinos and businesses from financial risks while fostering greater confidence in our financial system,” Finance Secretary Frederick Go said.
“We are building stronger institutions and systems that can help keep our financial sector safe, stable, and connected to the global economy,” Go added.
