THE Philippines improved eight spots in an annual global index measuring an economy’s risk of money laundering and terrorist financing, and their ability to counter these. READ
In Switzerland-based International Centre for Asset Recovery’s 2022 Basel Anti-Money Laundering Index, the Philippines ranked 45With its overall score of 5.68 out of 10, the Philippines is deemed at medium high-risk to money laundering and terrorist financing .Based on the index, Democratic Republic of the Congo is most at risk with a score of 8.3, while Finland has the least with a score of 2.88.
“When it comes to tackling dirty money, most countries are taking one step forward and four steps back — and remaining too many steps behind criminals seeking to launder illicit funds,” the report said. “Progress in anti-money laundering and counter terrorism financing remains paralyzed.” The Basel AML index uses a methodology based on 18 indicators relevant to evaluating ML/TF risk at the jurisdiction level. These are categorized by five domains; quality of AML/CTF framework , corruption risk , financial transparency and standards , public transparency and accountability , and legal and political risk .
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