The Philippines will benefit from a $500,000 Asian Development Bank (ADB) regional technical assistance program aimed at combating money laundering and terrorism financing, the Department of Finance said.
The country, through the Securities and Exchange Commission (SEC), is among ADB developing member countries covered by the program, which will help regulators improve safeguards against illicit finance.
“Through this assistance, we are strengthening the capacity of our institutions to prevent illicit finance and comply with international standards,” Finance Secretary Frederick Go said.
“These efforts help protect Filipinos and businesses from financial risks while fostering greater confidence in our financial system,” he added.
The assistance may cover improvements to legal and regulatory frameworks, supervisory systems, risk assessments and enforcement procedures, as well as capacity building for government agencies and financial institutions.
The finance department said the initiative would also help the Philippines maintain access to the global financial system by keeping its anti-money laundering and counter-terrorism financing measures aligned with international standards.
The program supports President Ferdinand Marcos Jr.’s directive to step up efforts against illicit finance.
“We are building stronger institutions and systems that can help keep our financial sector safe, stable, and connected to the global economy,” Go said.
