Philippines secures ADB assistance to combat financial crimes
The Philippines has secured a technical assistance package from the Asian Development Bank to strengthen the country’s defenses against financial crimes, according to the Department of Finance.
The Philippines has received a financial aid package from the Asian Development Bank (ADB) to bolster its defenses against financial crimes, according to the Department of Finance (DOF). The country, along with other developing member countries of ADB, received technical assistance worth $500,000 (around P31 million), as stated in a recent DOF announcement.
The primary objectives of this regional support are to combat illicit finance, enhance anti-money laundering and counter-terrorism financing measures, and bolster legal and regulatory frameworks. The assistance aims to bolster government agencies and financial institutions' capacity, improve supervisory systems, risk assessments, procedures, and guidelines.
Finance Secretary Frederick Go emphasized that this aid will fortify the country's institutions to prevent illicit finance, protect Filipinos and businesses from financial risks, and foster confidence in the financial system. The initiative aligns with President Marcos' directives to intensify anti-money laundering and terrorism financing efforts, ultimately safeguarding the nation's financial sector and its connection to the global economy.
Written by urgent.news from Philippine Star Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
