DoJ reports 7 money laundering convictions
Justice Deputy State Prosecutor Deana Perez, speaking at a news forum in Quezon City, highlighted notable convictions, including those involved in the Bangladesh Bank heist.
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Justice Deputy State Prosecutor Deana Perez, speaking at a news forum in Quezon City, highlighted notable convictions, including those involved in the Bangladesh Bank heist.
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The Department of Justice (DoJ) has secured at least seven convictions in its ongoing efforts to combat money laundering and terrorism financing from 2021 to the end of 2024.
This coincided with the Philippines’ inclusion on the Financial Action Task Force (FATF) grey list, which identifies jurisdictions under increased monitoring for financial crimes.
Justice Deputy State Prosecutor Deana Perez, speaking at a news forum in Quezon City, highlighted notable convictions, including those involved in the Bangladesh Bank heist.
She noted that overall, the DoJ had successfully secured seven convictions for money laundering offenses.
“More convictions are expected, as money laundering cases have surged in the past year, reaching approximately 180. We aim to increase these numbers to ensure that during the next FATF evaluation, the Philippines will no longer be a concern,” she said.
Late last month, the Paris-based FATF announced the Philippines’ removal from its gray list of countries under heightened scrutiny for money laundering and terrorism financing.
Perez attributed this achievement in part to the government’s decision to ban Philippine Offshore Gaming Operators, which had been linked to illicit financial activities.
Meanwhile, DoJ Assistant Prosecutor Rex Guinggoyon emphasized the importance of Department Circular 20, issued in March 2023, in preventing the Philippines from being reinstated on the grey list.
He explained that the circular “mandates prosecutors to take a proactive approach in the investigation and prosecution of terrorist financing and money laundering.”
The Philippines was initially placed on the FATF gray list in June 2021.
Its removal follows nearly two years of efforts under President Ferdinand “Bongbong” Marcos Jr., who issued Executive Order (EO) No. 33 in July 2023.
The EO provided a comprehensive roadmap for addressing the FATF’s required action plan.
