--- title: "Philippines (PH) — Financial-Integrity Intelligence · Sentinel" canonical: https://sentinel.gi/jurisdictions/philippines/ source_html: /jurisdictions/philippines/index.html description: "Financial integrity intelligence for Philippines (PH): sanctions, beneficial ownership, enabler jurisdictions, conflict finance, digital assets and compliance technology — with sourced findings." generated_at: 2026-11-08T04:46:02Z content_sha256: 073714e303a129519ce6a5d1196de8aef4738ce4e28c1df9904159c39e702042 generator: "fe-fleet/md-twin@1.0" --- # Philippines (PH) — Financial-Integrity Intelligence · Sentinel Not every instrument is backed by its official text yet. At least one law or rulebook covered here has no official source (tier 1) retrieved for it yet. No finding on this page is shown with confidence above “Probable” until stronger sources are retrieved. Financial Integrity Monitor # Philippines PH Domains covered 8 of 8 Sources 132 Role actions 8 Horizon <90d 1 Jurisdiction profile FATF status: Clean Tier: B Risk direction: Decreasing Enablement vs enforcement: Mixed AML/CFT regime rests on the Anti-Money Laundering Act (AMLA, amended 2021), Terrorism Financing Prevention and Suppression Act, and BSP Circular 1108 governing VASPs. More AMLC is the central FIU/AML authority; SEC administers a beneficial-ownership disclosure regime. Following FATF grey-listing in 2021, an 18-point action plan and NACS 2023-2027 strategy drove reforms culminating in FATF, EU and aligned delisting in 2025, though POGO-linked scam-compound infrastructure and residual illegal operators persist. Key deficiencies - Residual illegal/unregistered POGO and scam-compound operators persisting after the 2024 ban, per Moody's post-ban assessment - Beneficial ownership disclosure remains strongest for the extractive sector provisional register; broader company BO data verification and LEA access outside AMLC remains limited - NPO sector TF-risk monitoring flagged by FATF as needing continued work to avoid both abuse and undue disruption of legitimate activity - Law enforcement agencies other than AMLC face practical impediments accessing bank records directly, per APG follow-up findings Recent developments (18m) - FATF removed the Philippines from the grey list at its 19-21 February 2025 Plenary after completion of its action plan - European Commission delisted the Philippines from the EU high-risk third-country AML/CFT list effective 10 June 2025 - Former Bamban mayor Alice Guo convicted of qualified human trafficking and sentenced to life imprisonment on 20 November 2025 over a POGO-linked scam compound - BSP ordered e-wallets and payment apps to remove online-gambling links within 48 hours, 14 August 2025 - PAOCC signed standard operating procedures operationalizing POGO-ban enforcement, victim repatriation and asset recovery, 22 April 2026 Brief ## Lead signal #### Lead Signal The Anti-Money Laundering Council secured a freeze order covering 116 assets, comprising 86 bank accounts, four investment accounts, one insurance policy and 25 virtual-asset wallets, tied to flood-control plunder and corruption allegations against a prominent lawmaker and associated entities under the Plunder Law (Republic Act No. 7080). The order follows a Court of Appeals resolution dated 21 September 2026 and was announced by the AMLC between 1 and 2 October 2026. The inclusion of 25 virtual-asset wallets within a state-capture-adjacent corruption freeze is a notable architectural signal: it shows layering through virtual-asset platforms being used, and detected, alongside conventional banking and investment channels in a domestic grand-corruption matter. Read full brief #### Lead Signal The Anti-Money Laundering Council secured a freeze order covering 116 assets, comprising 86 bank accounts, four investment accounts, one insurance policy and 25 virtual-asset wallets, tied to flood-control plunder and corruption allegations against a prominent lawmaker and associated entities under the Plunder Law (Republic Act No. 7080). The order follows a Court of Appeals resolution dated 21 September 2026 and was announced by the AMLC between 1 and 2 October 2026. The inclusion of 25 virtual-asset wallets within a state-capture-adjacent corruption freeze is a notable architectural signal: it shows layering through virtual-asset platforms being used, and detected, alongside conventional banking and investment channels in a domestic grand-corruption matter. #### Other Developments Terrorism-financing sanctions activity continued on two fronts. The AMLC issued Sanctions Freeze Orders TF-118 and TF-119 (Series of 2026) against two individuals designated as terrorists by the Anti-Terrorism Council under Resolutions 86 and 87 of 2026, effective 1 October 2026; covered institutions must file suspicious transaction reports on prior transactions within five days of effectivity. Separately, the AMLC secured a court order forfeiting over PHP 217,165.06 in funds linked to a UN Resolution-1267-listed ISIL facilitator, announced 19 October 2026 under the Terrorism Financing Prevention and Suppression Act of 2012 (Republic Act No. 10168). A bilateral institutional step also advanced active-defence infrastructure. The AMLC signed an Information-Sharing Protocol with Mizuho Bank Ltd., Manila Branch, announced between 12 and 14 October 2026, establishing a cooperation framework for identifying and addressing AML, counter-terrorism-financing and counter-proliferation-financing risks to the local financial system, extending the FIU's bilateral cooperation network to a major foreign bank branch. #### Cross-Monitor Connections The flood-control plunder freeze, with its virtual-asset-wallet component, connects directly to continuing scrutiny of how digital-asset rails intersect with domestic corruption and state-capture typologies, a theme relevant to monitors tracking conflict and corruption finance more broadly. The Mizuho information-sharing protocol similarly connects to broader payments-infrastructure monitoring, given its focus on a foreign bank branch operating within the domestic financial system. #### Outlook The Philippines continues a post-grey-list reform trajectory, having been removed from the FATF grey list in February 2025, with legislative proposals including Senate Bill No. 1983 continuing to advance ahead of the FATF Fifth Round Mutual Evaluation, variously reported as scheduled for March 2027. None of this period's enforcement actions constitutes a new adverse designation, but the combination of a virtual-asset-inclusive plunder freeze, continuing terrorism-financing sanctions activity, and expanding bilateral information-sharing suggests the AMLC is maintaining active enforcement and institutional cooperation momentum into the pre-evaluation period. Earlier periodic briefs (3) 18 Oct 2026 · fim-2026-10-18 #### Lead Signal The Philippines' Anti-Money Laundering Council issued Resolution Nos. TF-118 and TF-119 on 1 October 2026, imposing immediate sanctions freeze orders against two individuals, Janice Q. Javier and Josephine Parra Porquia, designated as terrorists by the Anti-Terrorism Council under Resolutions No. 86 and 87 of 2026. The AMLC's own notice confirms the resolutions and their terms, and the Bangko Sentral ng Pilipinas, via a circular letter signed by Deputy Governor Lyn I. Javier dated 6 October 2026, reminded BSP-supervised institutions to comply. This pairing of a council-level terrorist designation with an immediate domestic implementing freeze, followed within days by a supervisory compliance reminder to the banking sector, demonstrates a functioning end-to-end sanctions-implementation chain in the Philippines this cycle. #### Other Developments A Court of Appeals freeze order secured by the AMLC covers 86 bank accounts, four investment accounts, one insurance policy and 25 virtual asset wallets, linked to an alleged flood-control-project plunder and budget kickback scheme implicating a prominent lawmaker. The breadth of asset classes frozen, spanning conventional banking, insurance and virtual-asset holdings, indicates that funds in this matter were allegedly moved through multiple channels including money service businesses and virtual asset platforms to add transactional distance from the underlying proceeds. The AMLC's own primary press release on this order was not independently retrieved this cycle, and the finding rests on corroborating secondary reporting. BSP's crypto-oversight posture was publicly reiterated by Governor Eli Remolona Jr., who stated the central bank wants to regulate crypto transactions very strictly, citing anonymity and traceability concerns. This statement came amid Binance's efforts to re-enter the Philippine market via a local partner. The BSP's moratorium on the issuance of new VASP licences, in place since September 2025, remains unchanged, meaning the strict-oversight posture is being maintained through continuity of an existing restriction rather than through a newly announced measure. #### Cross-Monitor Connections The flood-control plunder freeze order's reliance on virtual asset wallets as one of the channels used to add transactional distance connects directly to the crypto monitor's tracking of Philippine VASP licensing and the BSP's continuing moratorium: the same regulatory gap that constrains legitimate VASP market entry is, on this evidence, also a channel of interest in a major domestic corruption-proceeds investigation. The BSP's compliance reminder to supervised institutions regarding the AMLC sanctions freeze orders likewise intersects with the world-payments monitor's tracking of BSP supervisory communications to banks, though the sanctions-compliance angle is specific to the financial-integrity reading of that same institutional channel. #### Outlook The near-term sanctions-implementation record for the Philippines appears stable and functioning, with no indication this cycle of a new designation pending beyond the two names covered by TF-118 and TF-119. The more consequential thread to watch is the flood-control plunder investigation: the scale of the Court of Appeals freeze order and its implication of a sitting lawmaker suggest this matter will generate further asset-recovery and prosecutorial developments. Confirmation of AMLC's own primary documentation on that freeze order, when available, would sharpen the current secondary-sourced account of how the money service business and virtual asset channels were used. 11 Oct 2026 · fim-2026-10-11 #### Lead Signal The Anti-Money Laundering Council secured a freeze order on 1 October 2026 against assets linked to alleged corruption, plunder and flood-control-project anomalies, and in the same action issued Targeted Financial Sanctions Resolutions TF-118 and TF-119 implementing Anti-Terrorism Council designations. The resolutions impose a five-day deadline on covered institutions to submit Suspicious Transaction Reports on the designated individuals, measured from designation effectivity. This is architecture in motion rather than a single isolated incident: it is the AMLC operating its standing targeted-financial-sanctions machinery against a live, high-profile domestic corruption scandal, and it demonstrates that the Council's freeze and reporting-duty apparatus functions on short notice when a politically significant predicate offence surfaces. #### Other Developments Renewed grey-list anxiety surfaced publicly this cycle when the Bangko Sentral ng Pilipinas Governor, who also chairs the AMLC, flagged a risk that the Philippines could be placed back on the FATF grey list. The Philippines exited the FATF grey list in February 2025 and was not on the list as published in February 2026, so this is a forward-looking risk statement rather than a present designation; it is nonetheless significant that it was raised publicly by the chair of the body that would be judged at the Mutual Evaluation scheduled for March 2027. A pending legislative amendment compounds this picture. House Bill No. 8002 proposes amending Republic Act No. 9160 to raise the generic cash covered-transaction threshold from PHP500,000 to PHP1,000,000, retain the existing PHP5,000,000 casino-specific threshold, add a new PHP7,500,000 threshold for a further covered-person class, and expressly name virtual asset service providers, trust and company service providers, and online gambling operators as covered persons. The bill has not been enacted; it remains at the consultation and committee stage. Its sponsors have framed the amendment explicitly as alignment ahead of the March 2027 Mutual Evaluation, which places this filing squarely inside the grey-list anxiety the BSP Governor raised in the same window. A commercial event with disclosure implications also fell within this cycle: Mynt Inc., the parent of the dominant e-wallet GCash, priced its initial public offering on the Philippine Stock Exchange at PHP6.60 per share, with an offer period running 6 to 12 October 2026 and listing expected 20 October 2026 under the ticker GCASH, targeting up to approximately PHP60.9 billion — reported as the largest IPO in Philippine history. A listing of this scale raises the public disclosure and governance profile of the dominant payments rail used across the Philippine financial system, though the event is commercial, not itself an AML finding. #### Cross-Monitor Connections The flood-control corruption freeze order connects directly to conflict-finance and beneficial-ownership typologies that a dedicated domain lens would ordinarily foreground, though this cycle's gate found no material independent signal in those domains for the Philippines beyond what is captured in the sanctions lead. The pending HB 8002 amendment's express naming of online gambling operators as covered persons overlaps with the Advennt gambling-regulatory monitor's own tracking of the same bill, and its naming of virtual asset service providers overlaps with crypto-monitor coverage of the Philippines' dual-regulator VASP regime; neither of those domains is re-analysed here, but the underlying instrument is the same one each monitor is independently watching. The Mynt/GCash IPO is a payments-infrastructure event that the World Payments Monitor is positioned to track for its scheme and product-innovation dimensions; the beneficial-ownership and disclosure angle noted here is the financial-integrity-specific lens on the same underlying event. #### Outlook The March 2027 FATF Mutual Evaluation is the fixed external date against which both the BSP Governor's public grey-list warning and HB 8002's sponsors are positioning their respective signals. Whether the bill is enacted before that evaluation, and whether the AMLC's TFS and freeze-order activity around the flood-control scandal continues to escalate or produces visible prosecutorial follow-through, are the two developments most likely to move the Philippines' standing assessment in the next reporting window. 28 Sep 2026 · fim-2026-09-28 #### Lead Signal The Philippines' Anti-Money Laundering Council is pushing a legislative amendment package intended to close the last structural gaps the jurisdiction carried through its FATF grey-list exit, ahead of the 2027 mutual evaluation. The proposals would allow AMLC to examine bank deposits without prior court authorization and to issue subpoenas directly, alongside expressly bringing virtual asset service providers and trusts within AMLA coverage and expanding the predicate-offence list. This is architecture-over-incident material: it is not a response to a fresh FATF deficiency finding but a self-initiated reform, and the Philippines remains confirmed off both the FATF grey and black lists as of the 19 June 2026 plenary, having exited the grey list in February 2025 after completing all 18 action-plan items. The juxtaposition is analytically significant: a jurisdiction that has already satisfied its FATF obligations is nonetheless seeking to expand investigative reach pre-emptively, which reads either as institutional confidence in sustaining a clean status or as an acknowledgment that the underlying gaps identified during the evaluation cycle were closed procedurally rather than structurally. The amendment package rests on a single T3 source reporting AMLC executive statements; no bill text or AMLC primary release was retrieved this cycle, which caps confidence at Probable and should temper how firmly obliged entities treat these powers as forthcoming. #### Other Developments PAGCOR layers AML compliance onto gaming operators. PAGCOR issued regulatory amendments imposing AML compliance obligations, new venue-change fees, and advertising controls on licensed gaming operators, effective 31 May 2026 (amendments approved by PAGCOR's Board in late March 2026, taking effect five days after 26 May 2026 publication). This sits alongside AMLC's existing casino covered-person designation under RA 9160 as amended by RA 11521, reinforcing rather than newly creating the gaming sector's AML exposure, but tightening its practical compliance surface at the operator level. ISP-level blocking of unlicensed virtual asset platforms continues. The National Telecommunications Commission, acting on BSP Circular No. 1206 strengthening MORNBFI Section 902-N, ordered blocking of roughly 50 unlicensed trading platforms including Coinbase and Gemini in late 2025 into 2026. This continues a pattern begun with Binance's March 2024 restriction and SEC warnings against OKX, Bybit, and KuCoin. The Bangko Sentral ng Pilipinas' moratorium on new virtual-asset-service-provider licences, in force since September 2022, remains unlifted as of mid-2026, meaning the enforcement pattern is occurring against a backdrop of a closed licensing door rather than an expanding regulated perimeter. #### Cross-Monitor Connections The gaming-sector AML tightening connects directly to the gambling-regulatory monitor's coverage of PAGCOR's parallel restructuring, where commercial casino operations are being separated from the regulatory function; the AML compliance layer discussed here is part of the same PAGCOR issuance being tracked there. The virtual-asset blocking pattern is relevant to the payments monitor's coverage of Philippine payment-rail evolution, though the ISP-blocking enforcement theory here is distinct from and does not substitute for a payments-conduct analysis of licensed rails. Neither connection introduces a new fact here beyond what each monitor's own structured claims support. #### Outlook The amendment package's trajectory through the Philippine Congress ahead of the 2027 FATF mutual evaluation window is the central item to watch; enactment would represent a durable statutory expansion of AMLC's investigative powers, while continued stalling would leave the jurisdiction's current administrative-circular-based AML architecture in place through the evaluation. Separately, whether BSP lifts its virtual-asset-service-provider licensing moratorium, now running since September 2022, remains an open structural question that shapes whether the current blocking-based enforcement posture toward unlicensed platforms continues by default or gives way to an expanded licensed perimeter. Domain intelligence (D1–D8) #### Sanctions The Anti-Money Laundering Council's freeze order covering 116 assets, tied to flood-control plunder and corruption allegations and secured through a Court of Appeals resolution dated 21 September 2026, is the dominant sanctions-architecture development of this period. The freeze spans 86 bank accounts, four investment accounts, one insurance policy and 25 virtual-asset wallets, linked to a prominent lawmaker and associated entities under the Plunder Law. The breadth of asset classes frozen in a single domestic corruption matter, spanning conventional banking, investment and virtual-asset channels, illustrates how layering techniques across multiple financial-product types are increasingly standard in grand-corruption typologies rather than confined to cross-border sanctions evasion alone. Continue reading Parallel to this, the AMLC's domestic terrorism-financing sanctions architecture remained active. Sanctions Freeze Orders TF-118 and TF-119, issued under Anti-Terrorism Council Resolutions 86 and 87 of 2026 and effective 1 October 2026, triggered a mandatory five-day suspicious-transaction-report filing obligation on covered institutions for prior transactions involving the two newly designated individuals. Separately, the AMLC secured a forfeiture order exceeding PHP 217,165 in funds tied to a UN Resolution-1267-listed ISIL facilitator, announced 19 October 2026 and exercised under the Terrorism Financing Prevention and Suppression Act of 2012. This is a comparatively routine exercise of the AMLC's established statutory forfeiture architecture, continuing a steady cadence of counter-terrorism-financing enforcement rather than signalling any new designation framework. None of this period's actions constitutes a change to the Philippines' own autonomous sanctions-listing framework; all three actions proceed under existing domestic legal architecture (the Plunder Law, the Anti-Terrorism Council's designation powers, and the Terrorism Financing Prevention and Suppression Act), applied to newly identified targets rather than reflecting any structural change to the underlying sanctions regime itself. #### Outlook The Philippines remains off the FATF grey list, having been removed in February 2025, with continuing legislative activity ahead of the Fifth Round Mutual Evaluation reported as scheduled around March 2027. The pattern of sustained freeze and forfeiture activity across both corruption and terrorism-financing fronts, without any new adverse international designation, suggests the AMLC is using this period to build an enforcement record ahead of that evaluation rather than responding to any newly emergent sanctions-evasion architecture. Judgment: AMLC's Court of Appeals freeze order covering 116 accounts/assets including 25 virtual-asset wallets, tied to flood-control plunder/corruption allegations, is a direct state-capture-adjacent sanctions/asset-freeze development. Probable #### Beneficial Ownership and Corporate Transparency As a non-EEA jurisdiction, the Philippines sits outside the direct supervisory perimeter of the EU AML Package. Globally, that package establishes the structural direction of beneficial-ownership regulation through three distinct instruments: the AML Regulation (Reg (EU) 2024/1624), which is directly applicable across EU Member States; the sixth AML Directive (6AMLD), which is transposed per Member State; and the AMLA Regulation (Reg (EU) 2024/1620), which establishes the Anti-Money Laundering Authority and shifts supervision of high-risk cross-border obliged entities from purely national authorities toward a hybrid EU-level regime. For the Philippines specifically, the only point of intersection with this architecture is Article 9 high-risk third-country list status under the predecessor 4AMLD framework, from which the country was delisted effective 10 June 2025 via Delegated Regulation (EU) 2025/1184; 6AMLD transposition itself is not applicable, since the Philippines is not an EU Member State. Continue reading The directly relevant developments for the Philippines' own regulatory perimeter concern its domestic beneficial-ownership registry architecture. The SEC-operated registry provides full public disclosure only through an EITI-aligned provisional register covering consenting extractive-sector companies; broader corporate beneficial-ownership data is used operationally by the Anti-Money Laundering Council but is not fully public, a gap that two independent tier-one UNODC/UNCAC sources corroborate as structural rather than incidental. This gap is not an abstract compliance shortfall: it is the exact mechanism that enabled the Bamban scam-compound network to operate behind shell corporate vehicles and nominee ownership shielding a sitting local official. Philippine prosecutors recommended 62 counts of money-laundering charges against former Bamban mayor Alice Guo, while separately the Anti-Money Laundering Council and Department of Justice charged Huang Zhiyang, the alleged financier of the Baofu-owned compound, who remains a fugitive with assets traced to Cyprus. The BO-reform credited as a driver of the FATF and EU delisting therefore coexists with a live, concrete case demonstrating the opacity gap the reform has not yet closed for the non-extractive corporate sector. A related capacity constraint compounds the transparency gap: non-AMLC Philippine law-enforcement agencies face practical impediments accessing bank records directly, a finding from Asia/Pacific Group follow-up review that limits multi-agency asset tracing and confiscation independent of registry-publicity questions. Even where beneficial-ownership data exists and is operationally accessible to the AMLC, its distribution across the wider law-enforcement apparatus remains constrained. #### Outlook The extractive-sector-only public disclosure model is unlikely to expand without further reform commitment, and the FATF/APG sustained-implementation follow-up, expected but not yet dated, is the most likely forcing mechanism for renewed attention to the broader corporate registry gap. Firms conducting due diligence on Philippine corporate counterparties outside the extractive sector should, per general industry practice, expect continued reliance on operational rather than public verification channels, with the AMLC as the effective gatekeeper of non-public ownership data. The Alice Guo and Huang Zhiyang cases, still working through appeal and fugitive-recovery processes respectively, will likely remain reference points for how the reform trajectory and the residual opacity mechanism interact in practice. Judgment: No PH-specific beneficial-ownership registry development was located this cycle. Uncertain #### Enabler Jurisdictions and Professional Facilitators The Bamban scam-compound network is this cycle's paradigmatic enabler-jurisdiction case, and it illustrates enablement functioning through a domestic political and licensing architecture rather than a foreign professional-facilitator network. The compound operated under cover of Philippine Offshore Gaming Operator (POGO) licences and shell corporate vehicles, raided in March 2024 with 875 people freed, its proceeds layered through real-estate acquisition and casino-linked financial flows. Two independent tier-two sources corroborate this architecture. The local political enabler dimension of the case has now reached formal resolution: a Philippine court sentenced former Bamban mayor Alice Guo to life imprisonment for qualified human trafficking tied to the compound, a strong tier-two-sourced verdict that stands as the paradigmatic domestic-enabler prosecution for this cycle. Continue reading Enforcement response has moved beyond the single prosecution toward institutionalised architecture. The Presidential Anti-Organized Crime Commission signed standard operating procedures on 22 April 2026, developed with UNODC support, covering victim repatriation, custody and asset recovery for POGO-ban enforcement — a tier-one UNODC source describing a genuinely institutionalised, cross-agency, rights-based enforcement framework rather than a one-off case response. This is a structural finding in its own right: enforcement architecture that persists independent of any single prosecution is more analytically significant than the prosecution itself, even a landmark one. However, enablement as absence-of-enforcement remains a live analytical question. Moody's has assessed that dirty-money risks have not been eliminated despite the 2024 POGO ban and the 2025 delisting, a finding that supports reading delisting as evidence of technical progress rather than infrastructure elimination. The Philippine Senate is separately considering a total online-gambling and POGO ban, but President Marcos has warned that such a ban could push activity underground rather than eliminate it — an unresolved policy fork between full prohibition and continued regulated wind-down that will determine whether residual enabler capacity persists in visible or displaced form. #### Outlook The unresolved legislative fork over a total ban is the key forward variable for this domain. If the Senate proceeds with full prohibition, the near-term risk, per Marcos's own stated concern, is displacement of enabler activity into less visible or less regulated channels rather than its elimination; if regulated wind-down continues instead, the PAOCC's newly institutionalised SOPs provide the operational framework most likely to sustain enforcement gains against residual illegal and unregistered operators that Moody's has flagged as still active. Either path will test whether this cycle's enforcement architecture — a landmark conviction plus institutionalised cross-agency procedure — translates into durable reduction of the underlying enabler ecosystem or merely its formal designation as illegal. Judgment: No PH-specific enabler-jurisdiction development was located this cycle. Uncertain Judgment: No PH-specific conflict-finance development was located this cycle. Uncertain #### Crypto / Digital Assets / Financial Innovation The inclusion of 25 virtual-asset wallets within the Anti-Money Laundering Council's 116-asset freeze order tied to flood-control plunder and corruption allegations is this period's most significant digital-asset-integrity development. Secured through a Court of Appeals resolution dated 21 September 2026 and announced by the AMLC between 1 and 2 October 2026, the freeze demonstrates that virtual-asset wallets are now a routine component of the layering techniques identified and acted upon within domestic grand-corruption investigations, standing alongside conventional bank accounts, investment accounts and an insurance policy within the same freeze order. Continue reading Separately, the Bangko Sentral ng Pilipinas has an unfinalised exposure draft, dated 7 September 2026, that would impose a twelve-month suspension of new Operator-of-Payment-System registrations and reclassify virtual-asset-service-provider-related merchants as high-risk, requiring direct merchant relationships, enhanced due diligence, and risk-based transaction and settlement limits. Existing layered VASP-adjacent relationships would need review within six months of finalisation and adjustment within a further six months. No BSP primary circular text was retrieved this period to confirm the draft's final form; coverage rests on trade-press restatement of the exposure draft. This sits alongside the BSP's existing VASP application moratorium and its anonymity-enhancing-asset listing ban, both already in force, indicating a continuing tightening trajectory for virtual-asset-adjacent payment infrastructure even as the newest proposed measure remains pending. #### Outlook The principal matter to watch is whether the BSP's draft circular on the OPS registration freeze and VASP-adjacent merchant reclassification is finalised, and in what form. If adopted as drafted, it would materially tighten the operating environment for virtual-asset-adjacent payment firms in the Philippines, building on a baseline that already includes a VASP licensing moratorium and a ban on anonymity-enhancing-asset listings. The virtual-asset component of the flood-control freeze order will also bear watching as that underlying corruption case proceeds, given its demonstration that digital-asset wallets are now squarely within the AMLC's investigative and asset-freezing toolkit for domestic corruption matters. Judgment: BSP's still-unfinalised draft circular would tighten merchant-payment controls on VASP-adjacent firms and pause new OPS registrations for 12 months, alongside the continuing VASP application moratorium and the June 2026 anonymity-enhancing-asset listing ban. Probable #### Compliance Technology & Active Defence The Anti-Money Laundering Council's Information-Sharing Protocol with Mizuho Bank Ltd., Manila Branch, announced between 12 and 14 October 2026, is this period's discrete active-defence development. The protocol establishes a cooperation framework between the FIU and a major foreign bank branch operating in the Philippines, aimed at identifying and addressing risks to the local financial system across the anti-money-laundering, counter-terrorism-financing and counter-proliferation-financing pillars. This extends the AMLC's bilateral cooperation network to include a significant foreign institutional presence, a discrete institutional step rather than a change to the underlying statutory framework governing information-sharing. Continue reading This development sits alongside the AMLC's other enforcement activity this period, including the flood-control plunder freeze and the terrorism-financing sanctions orders, all of which depend on the kind of cross-institutional information flow that bilateral protocols such as the Mizuho arrangement are designed to support. The protocol itself does not create new reporting obligations for Mizuho or other covered institutions beyond the existing statutory framework under the Anti-Money Laundering Act, but it does formalise a direct cooperation channel that may improve the speed and quality of risk-identification exchanges between the FIU and the bank branch going forward. #### Outlook The principal matter to watch is whether the AMLC extends similar bilateral information-sharing protocols to other foreign bank branches operating in the Philippines, which would indicate a broader institutional strategy of building direct cooperation channels with major foreign financial institutions ahead of the Fifth Round Mutual Evaluation. No further protocols of this kind were reported as pending this period. Judgment: AMLC's information-sharing protocol with Mizuho Bank Manila branch extends the FIU's bilateral cooperation network with a major foreign bank branch, a discrete active-defence institutional step. Probable #### AML/CTF Regime The Philippines' AML/CTF regime this cycle is defined by a self-initiated reform push rather than a reactive one. The Anti-Money Laundering Council is seeking amendments to Republic Act 9160, as amended by Republic Act 11521, that would grant it authority to examine bank deposits without prior court authorization, issue subpoenas directly to speed financial investigations, expressly bring virtual asset service providers and trusts within AMLA coverage, and expand the list of predicate offences. This is being pursued ahead of the Philippines' 2027 FATF mutual evaluation, and notably while the jurisdiction remains confirmed off both the FATF grey and black lists as of the 19 June 2026 plenary — having exited the grey list in February 2025 after completing all 18 action-plan items from its prior listing. The architecture-over-incident framing matters here: a jurisdiction that has already cleared its FATF listing is nonetheless choosing to expand its own investigative toolkit before the next assessment cycle, which is a structural strengthening move rather than a response to a fresh finding. Continue reading The practical burden this would impose on obliged entities, particularly banks and the newly-designated virtual-asset and trust sectors, would be material if enacted: warrantless deposit examination and direct subpoena power represent a meaningful expansion of AMLC's reach into ordinary banking relationships, and explicit VASP/trust coverage would formalise obligations that industry practice has in some respects already anticipated under existing AMLC circulars. The amendment package, however, rests on a single T3 source reporting AMLC executive statements, with no bill text or AMLC primary release retrieved this cycle; this caps confidence at Probable and means the specific scope and timeline of the reform should not yet be treated as settled. Separately, gaming-sector AML obligations were reinforced this cycle: PAGCOR issued regulatory amendments, effective 31 May 2026, imposing AML compliance rules on licensed gaming operators alongside AMLC's existing casino covered-person designation, a sector-specific layer sitting underneath the institution-wide reform push described above. #### Outlook The central AML/CTF regime question for the coming cycles is whether the AMLC amendment package advances through the Philippine Congress in time to shape the 2027 FATF mutual evaluation, targeted for the 2027-Q1 window per the current regulatory horizon estimate, itself carrying a year-scale uncertainty band. Enactment would represent a durable statutory strengthening of the regime; continued stalling would leave the current framework, built substantially on AMLC circulars and covered-person designations rather than the proposed statutory powers, in place through the evaluation itself. Judgment: RA 9160 (AMLA), as amended by RA 11521, remains in force with AMLC as FIU; Senate Bill 1983 and House bills continue ahead of the FATF 5th Round Mutual Evaluation, no new enactment this cycle. Probable Judgment: No commercial transaction among financial-integrity-infrastructure firms specific to PH was located this cycle. Uncertain Regulatory horizon In Force Pending 2026 · ±year ### BSP decision on PHPC peso-stablecoin market rollout BSP's supervisory decision on whether Coins.ph's sandboxed PHPC peso-stablecoin proceeds to broader consumer-market rollout, contingent on AML/CFT and consumer-protection compliance assessment. [Source](https://www.elliptic.co/blog/philippines-opens-up-potential-new-frontier-for-stablecoin-innovation) Proposed 2027-Q1 · ±year ### AMLA legislative amendment package (bank-inquiry/subpoena powers, VASP/trust coverage expansion) If enacted, AMLC would gain deposit-inquiry authority without prior court order and direct subpoena power; VASPs and trusts would be expressly named AMLA-covered persons; predicate-offence list would expand. source not collected 2 dated · 3 pending date · baseline financial-integrity-2026-07-05 Role action cards MLRO ### AMLC secured a 116-asset freeze, including 25 virtual-asset wallets, in a flood-control plunder matter, and issued new terrorism-financing sanctions freeze orders effective 1 October 2026. Covered institutions should be aware of the five-day suspicious-transaction-report filing obligation triggered by TF-118 and TF-119 for prior transactions involving the newly designated individuals, and the demonstrated use of virtual-asset wallets as a layering channel in the plunder freeze. 3 evidence refs Compliance ### BSP's unfinalised draft circular would freeze new Operator-of-Payment-System registrations for twelve months and reclassify VASP-adjacent merchants as high-risk. If finalised, existing layered VASP-adjacent merchant relationships would require review within six months and adjustment within a further six months, adding enhanced due-diligence and risk-based transaction-limit obligations. 1 evidence refs Board ### The AMLC's continuing enforcement cadence and the Mizuho information-sharing protocol signal an active pre-evaluation institutional posture ahead of the FATF Fifth Round Mutual Evaluation. The Philippines remains off the FATF grey list (removed February 2025); sustained enforcement and expanding bilateral cooperation reduce near-term reputational risk tied to international designation, though the evaluation itself remains pending. 1 evidence refs CTO ### Virtual-asset wallets featured in a major domestic corruption freeze, and a pending BSP draft would tighten merchant classification for VASP-adjacent payment architecture. Technology teams supporting payment or wallet infrastructure touching VASP-adjacent flows should track the BSP draft circular's merchant reclassification and heightened due-diligence requirements, which would affect system design for merchant onboarding and transaction limits if finalised. 2 evidence refs Risk ### A 116-asset freeze spanning banking, investment and virtual-asset channels highlights cross-product layering risk in domestic corruption typologies. Risk functions should note that virtual-asset wallets are now routinely included alongside conventional accounts in major domestic asset-freeze actions, indicating exposure-concentration considerations should extend across product types rather than treating virtual-asset risk in isolation. 1 evidence refs Operations ### New sanctions freeze orders TF-118 and TF-119 require prior-transaction suspicious-transaction-report filings within five days of their 1 October 2026 effectivity. Operations teams responsible for screening should confirm the five-day filing window has been met for any prior transactions involving the two newly designated individuals. 1 evidence refs Audit ### The AMLC-Mizuho information-sharing protocol formalises a new bilateral cooperation channel that audit should note as part of the institution's external data-sharing arrangements. Internal audit should confirm that any Philippine branch or correspondent relationship subject to similar bilateral protocols has documented controls over the scope and handling of information shared under such arrangements. 1 evidence refs Scenario sketches ### Illustrative: AMLA/AMLA-style supervisory transition and cross-border obliged-entity perimeter Illustrative scenario for analytical orientation only: as the EU's AML Package moves from purely national AML supervision toward AMLA direct and indirect supervision of cross-border obliged entities under the AMLA Regulation, alongside the directly-applicable AML Regulation and per-state transposition of the sixth AML Directive, non-EEA jurisdictions with significant cross-border correspondent or virtual-asset exposure could see indirect effects on how foreign bank branches and VASP-adjacent payment firms operating locally structure their own compliance and information-sharing arrangements, potentially reshaping the evasion and layering landscape for actors seeking jurisdictions with less harmonised supervision. This is an illustrative structural orientation, not an observed fact or a prediction specific to the Philippines. Illustrative scenario for analytical orientation only. Not compliance advice, not a prediction, and not a statement of observed fact. Standing trackers (T1–T6) Tracker Status Note T1 · Russian Sanctions-Evasion Architecture no_change No material PH-specific development. T2 · EU AML Package / AMLA no_change Not applicable to PH as a non-EEA jurisdiction. T3 · FATF Grey List watch PH remains off FATF grey list (removed Feb 2025); legislative activity continues ahead of the 5th Round Mutual Evaluation (reported variously as March 2027 or 2027). T4 · Beneficial-Ownership Register Status no_change No PH-specific BO registry development. T5 · Crypto & Digital-Asset Integrity material_change BSP draft circular tightening merchant-payment controls on VASP-adjacent firms and pausing new OPS registrations for 12 months; sits alongside existing BSP anonymity-asset listing ban and VASP application moratorium. T6 · Sanctions Regime Divergence no_change No PH-specific autonomous EU/US/UK listing divergence; PH acted on its own domestic Anti-Terrorism Council designations. Registers ### Enforcement actions - 20 Nov 2025 - 15 Jan 2025 - 22 Jan 2025 - 14 Aug 2025 - 22 Apr 2026 - A Philippine court convicted former Bamban mayor Alice Guo of qualified human trafficking connected to her role in setting up and operating a POGO-linked scam compound, sentencing her and seven others. 20 Nov 2025 - Philippine prosecutors recommended the filing of 62 counts of money laundering against former mayor Alice Guo over her alleged involvement in the Bamban online casino/scam compound project. 15 Jan 2025 - AMLC filed a legal petition and DOJ brought money laundering and human trafficking charges against Huang Zhiyang, identified as principal financier of the Baofu-owned Bamban scam compound, who fled arrest. 22 Jan 2025 - BSP ordered mobile wallets, payment apps and other institutions to remove icons and links redirecting users to online gambling platforms within 48 hours, citing consumer-harm and compliance concerns. 14 Aug 2025 - PAOCC signed standard operating procedures operationalizing enforcement of the POGO ban, covering victim repatriation, witness statements, custody of perpetrators and asset recovery, developed with UNODC support. 22 Apr 2026 ### Sanctions changes - 1 Oct 2026 - 1 Oct 2026 - FATF removed the Philippines from its Jurisdictions Under Increased Monitoring ('grey list') at its 19-21 February 2025 Plenary, concluding the country had completed its 2021 action plan on strategic AML/CFT/CPF deficiencies. 21 Feb 2025 - The European Commission delisted the Philippines from its EU high-risk third-country AML/CFT list via Delegated Regulation (EU) 2025/1184, effective 10 June 2025, aligning with the FATF's February 2025 action. 10 Jun 2025 - UK Money Laundering Regulations High-Risk Third Country status mirrors FATF's lists per HM Treasury's advisory notice mechanism; following the Philippines' FATF delisting in February 2025, removal from the UK HRTC schedule is expected on the corresponding update cycle. 1 Mar 2025 ### Regulatory horizon (register) - BSP decision on PHPC peso-stablecoin market rollout - AMLA legislative amendment package (bank-inquiry/subpoena powers, VASP/trust coverage expansion) - FATF/APG sustained-implementation follow-up post grey-list exit - Total online-gambling/POGO ban legislative resolution - BSP decision on PHPC peso-stablecoin market rollout ### Active schemes - POGO-linked scam-compound money laundering/trafficking nexus - Southeast Asian scam-center crypto laundering network - Extractive-sector beneficial ownership disclosure gap - Unregulated/offshore VASP exploitation around BSP moratorium Sources - [The Philippines' progress in strengthening measures to tackle money laundering and terrorist financing](https://www.fatf-gafi.org/en/publications/Mutualevaluations/Fur-philippines-2022.html) - [bworldonline.com](https://bworldonline.com/banking-finance/2026/09/27/782110/amlc-seeks-wider-powers-to-investigate-suspicious-transactions/) - [fatf-gafi.org](https://www.fatf-gafi.org/en/countries/black-and-grey-lists.html) - [amlc.gov.ph](https://www.amlc.gov.ph/laws) - [mexc.com](https://www.mexc.com/news/339306) - [pco.gov.ph](https://pco.gov.ph/news_releases/pbbm-ph-exit-from-fatf-grey-list-win-against-money-laundering-terrorism-financing/) - [bworldonline.com](https://bworldonline.com/economy/2026/06/01/753672/pagcor-updates-regulations-for-gaming-operators/) - [https://amlc.gov.ph/news-and-announcements](https://amlc.gov.ph/news-and-announcements) - [https://agbrief.com/news/philippines/03/02/2026/philippines-runs-risk-of-being-placed-on-fatf-grey-list-again-central-bank-governor/](https://agbrief.com/news/philippines/03/02/2026/philippines-runs-risk-of-being-placed-on-fatf-grey-list-again-central-bank-governor/) - [https://docs.congress.hrep.online/legisdocs/basic_20/HB08002.pdf](https://docs.congress.hrep.online/legisdocs/basic_20/HB08002.pdf) - [https://finance.yahoo.com/markets/stocks/articles/gcash-parent-mynt-sets-ipo-110911215.html](https://finance.yahoo.com/markets/stocks/articles/gcash-parent-mynt-sets-ipo-110911215.html) - [https://sanctionslawyers.net/blog-en/fatf-grey-list-countries-2026/](https://sanctionslawyers.net/blog-en/fatf-grey-list-countries-2026/) - [Anti-Money Laundering Council (AMLC)](https://www.amlc.gov.ph/news-and-announcements) - [BusinessWorld](https://bworldonline.com/the-nation/2026/10/06/784906/banks-ordered-to-freeze-assets-with-terror-links/) - [GMA News](https://www.gmanetwork.com/news/topstories/nation/1004459/amlc-freeze-order-issued-for-prominent-lawmaker-tagged-in-flood-control-scam/story/) - [Philippine Star](https://www.philstar.com/business/2026/10/06/2561144/bsp-flags-crypto-anonymity-risks-backs-strict-oversight) - [FATF](https://www.fatf-gafi.org/en/countries/detail/Philippines.html) - [https://www.philstar.com/headlines/2026/10/02/2560399/amlc-freezes-assets-linked-flood-mess](https://www.philstar.com/headlines/2026/10/02/2560399/amlc-freezes-assets-linked-flood-mess) - [http://www.amlc.gov.ph/news-and-announcements](http://www.amlc.gov.ph/news-and-announcements) - [https://bworldonline.com/the-nation/2026/10/19/787995/amlc-secures-forfeiture-order-vs-p200000-terror-linked-funds](https://bworldonline.com/the-nation/2026/10/19/787995/amlc-secures-forfeiture-order-vs-p200000-terror-linked-funds) - [https://bworldonline.com/banking-finance/2026/10/14/786935/amlc-mizuho-bank-manila-ink-information-sharing-protocol/](https://bworldonline.com/banking-finance/2026/10/14/786935/amlc-mizuho-bank-manila-ink-information-sharing-protocol/) - [https://cryptoticker.io/en/philippines-vasp-regulation-bsp-draft/](https://cryptoticker.io/en/philippines-vasp-regulation-bsp-draft/) - ["Black and grey" lists](https://www.fatf-gafi.org/en/countries/black-and-grey-lists.html) - [Philippines](https://www.fatf-gafi.org/en/countries/detail/Philippines.html) - [Jurisdictions under Increased Monitoring - 21 February 2025](https://www.fatf-gafi.org/en/publications/High-risk-and-other-monitored-jurisdictions/increased-monitoring-february-2025.html) - [Jurisdictions under Increased Monitoring - 13 February 2026](https://www.fatf-gafi.org/en/publications/High-risk-and-other-monitored-jurisdictions/increased-monitoring-february-2026.html) - [Jurisdictions under Increased Monitoring - 19 June 2026](https://www.fatf-gafi.org/en/publications/High-risk-and-other-monitored-jurisdictions/increased-monitoring-june-2026.html) - [Countries / Jurisdictions](https://www.fatf-gafi.org/en/countries.html) - [High-risk and other monitored jurisdictions](https://www.fatf-gafi.org/en/publications/High-risk-and-other-monitored-jurisdictions.html) - [Haiti](https://www.fatf-gafi.org/en/countries/detail/Haiti.html) - [Jurisdictions under Increased Monitoring - 25 October 2024](https://www.fatf-gafi.org/en/publications/High-risk-and-other-monitored-jurisdictions/increased-monitoring-october-2024.html) - [News](https://www.fatf-gafi.org/en/the-fatf/news.html) - [Financial Action Task Force Identifies Jurisdictions with Anti-Money Laundering, Combating the Financing of Terrorism, and Counter-Proliferation Finance Deficiencies | FinCEN.gov](https://www.fincen.gov/news/news-releases/financial-action-task-force-identifies-jurisdictions-anti-money-laundering-2) - [Philippines](https://www.fatf-gafi.org/content/dam/fatf-gafi/fsrb-mer/APG-Mutual-Evaluation-Report-Philippines.pdf.coredownload.inline.pdf) - [Jurisdictions under Increased Monitoring - 21 February 2025](https://www.fatf-gafi.org/content/fatf-gafi/en/publications/High-risk-and-other-monitored-jurisdictions/increased-monitoring-february-2025.html) - [The Philippines on track to exit ‘grey list’ by 2025, with UNODC support](https://www.unodc.org/roseap/en/philippines/2024/11/inter-agency/story.html) - [Mutual Evaluation of the Philippines](https://www.fatf-gafi.org/en/publications/Mutualevaluations/Mutualevaluationofthephilippines.html) - [UNODC_AML CFT_PH_March 2025](https://www.unodc.org/unodc/en/money-laundering/unodc_aml-cft_ph_march-2025.html) - [Outcomes FATF Plenary, 19-21 February 2025](https://www.fatf-gafi.org/en/publications/Fatfgeneral/outcomes-fatf-plenary-february-2025.html) - [The Philippines' measures to combat money laundering and terrorist financing](https://www.fatf-gafi.org/en/publications/Mutualevaluations/Mer-philippines-2019.html) - [Philippines Country Guide | Elliptic](https://www.elliptic.co/country-guides/philippines) - [Fatf-gafi](https://www.fatf-gafi.org/media/fatf/documents/reports/mer-fsrb/APG-Mutual-Evaluation-Report-Philippines.pdf) - [Scam no more: how the Philippines is cracking down on online fraud centres with UN support](https://www.unodc.org/unodc/frontpage/2026/April/scam-no-more_-how-the-philippines-is-cracking-down-on-online-fraud-centres-with-un-support.html) - [Scam no more: how the Philippines is cracking down on online fraud centres with UNODC support](https://www.unodc.org/roseap/en/philippines/2026/04/scam-no-more/story.html) - [UNTOC at 25: Multilateralism remains key to addressing transnational organized crime | United Nations in Philippines](https://philippines.un.org/en/305371-untoc-25-multilateralism-remains-key-addressing-transnational-organized-crime) - [Scam no more: how the Philippines is cracking down on online fraud centres with UN support | United Nations in Philippines](https://philippines.un.org/en/314407-scam-no-more-how-philippines-cracking-down-online-fraud-centres-un-support) - [Mystery of Alice Guo and How POGOs Unleashed Transnational Crime in Philippines - Bloomberg](https://www.bloomberg.com/news/features/2025-01-13/mystery-of-alice-guo-and-how-pogos-unleashed-transnational-crime-in-philippines) - [Philippine President Duterte’s Former Economic Adviser was a “Drug Lord,” Says Affidavit in New ICC Case | OCCRP](https://www.occrp.org/en/investigation/philippine-president-dutertes-former-economic-adviser-was-a-drug-lord-says-affidavit-in-new-icc-case) - [Inflection Point: Global Implications of Scam Centres, Underground Banking and](https://www.unodc.org/roseap/uploads/documents/Publications/2025/Inflection_Point_2025.pdf) - [U.S. Crackdown on Southeast Asian Crypto Scam Centers](https://www.chainalysis.com/blog/asian-scam-centers-crypto-fraud-april-2026/) - [Video: Alice Guo, the Small-Town Mayor Embroiled in a Philippine Scam Operation - Bloomberg](https://www.bloomberg.com/news/articles/2025-11-17/video-alice-guo-the-small-town-mayor-embroiled-in-a-philippine-scam-operation) - [FinCEN Advisory - Issue 24 | FinCEN.gov](https://www.fincen.gov/resources/advisories/fincen-advisory-issue-24) - [` 2nd Follow-Up Report Mutual Evaluation of the Philippines August 2021](https://www.fatf-gafi.org/content/dam/fatf-gafi/fsrb-fur/APG-Follow-Up-Report-Philippines-2021.pdf.coredownload.inline.pdf) - [Civil Penalties and Enforcement Information | Office of Foreign Assets Control](https://ofac.treasury.gov/civil-penalties-and-enforcement-information) - [Page 1 of 299 Country Review Report of the Philippines](https://www.unodc.org/documents/treaties/UNCAC/CountryVisitFinalReports/2013_11_28_Philippines_Final_Country_Report.pdf) - [FinCEN Proposes Rule to Fundamentally Reform Financial Institution Programs Designed to Fight Illicit Finance | FinCEN.gov](https://www.fincen.gov/news/news-releases/fincen-proposes-rule-fundamentally-reform-financial-institution-programs) - [Advisory on the FATF–Identified Jurisdictions with AML/CFT Deficiencies | FinCEN.gov](https://www.fincen.gov/news/news-releases/advisory-fatf-identified-jurisdictions-amlcft-deficiencies) - [Special Measures | FinCEN.gov](https://www.fincen.gov/resources/statutes-and-regulations/special-measures) - [Marcos Shuts Down China-Centric Casinos Backed By Duterte - Bloomberg](https://www.bloomberg.com/news/articles/2024-07-22/philippines-marcos-orders-ban-on-china-centric-online-casinos) - [Philippines’ Marcos Says Online Gambling Ban to Stoke Illegal Operations - Bloomberg](https://www.bloomberg.com/news/articles/2025-08-08/philippines-marcos-says-online-gambling-ban-to-stoke-illegal-operations) - [Philippines to Shut 175 Online Casinos, Deport 40,000 Chinese - Bloomberg](https://www.bloomberg.com/news/articles/2022-09-27/philippines-to-shut-175-online-casinos-deport-40-000-chinese) - [Philippines to Remove Online Gambling Links From E- ...](https://www.bloomberg.com/news/articles/2025-08-14/philippines-to-remove-online-gambling-links-from-e-wallets) - [Online Gambling Boom in Philippines Shows Risks to Poor Nations - Bloomberg](https://www.bloomberg.com/news/articles/2025-09-14/online-gambling-boom-in-philippines-shows-risks-to-poor-nations) - [Philippine Property Stocks Drop in Online Casino Ban Fallout - Bloomberg](https://www.bloomberg.com/news/articles/2024-07-23/philippine-property-stocks-tumble-in-online-casino-ban-fallout) - [Philippines Says Mayor Has Gone Into Hiding Amid Money-Laundering Probe - Bloomberg](https://www.bloomberg.com/news/articles/2024-07-16/philippines-says-mayor-has-gone-into-hiding-amid-money-laundering-probe) - [Fugitive Alleged Cyber-fraud ‘Boss’ Charged With Money Laundering in Philippines | OCCRP](https://www.occrp.org/en/news/philippines-charges-fugitive-alleged-cyber-fraud-boss-with-money-laundering) - [Ex-Philippine Mayor Alice Guo Tied to Laundering Arrested in Indonesia - Bloomberg](https://www.bloomberg.com/news/articles/2024-09-04/ex-philippine-mayor-tied-to-laundering-nabbed-in-indonesia-abs) - [Philippines Could Pursue 2M Euros Alleged Crime Boss Stashed in Cyprus | OCCRP](https://www.occrp.org/en/scoop/philippines-could-pursue-2m-euros-alleged-crime-boss-stashed-in-cyprus) - [Philippines Seeks Money Laundering Charges Against Ex-Mayor - Bloomberg](https://www.bloomberg.com/news/articles/2025-01-15/philippines-seeks-money-laundering-charges-against-ex-mayor) - [Philippine Mayor Alice Guo Faces Call for Removal Over Questions on Citizenship - Bloomberg](https://www.bloomberg.com/news/articles/2024-06-28/philippine-mayor-alice-guo-faces-call-for-removal-over-questions-on-citizenship) - [Philippine Court Convicts Ex-Mayor for Human Trafficking on Role in Scam Center - Bloomberg](https://www.bloomberg.com/news/articles/2025-11-20/philippine-court-convicts-ex-mayor-for-human-trafficking-on-role-in-scam-center) - [Philippine Senate Probes Fund Flows in Ex-Mayor’s Bank Accounts - Bloomberg](https://www.bloomberg.com/news/articles/2024-09-09/philippine-senate-probes-fund-flows-in-ex-mayor-s-bank-accounts) - [Philippines Says Ex-Mayor Alice Guo Linked to Money Laundering Seen in Indonesia - Bloomberg](https://www.bloomberg.com/news/articles/2024-08-20/philippines-says-ex-mayor-alice-guo-linked-to-money-laundering-seen-in-indonesia) - [CAC/COSP/2025/CRP.5 13 December 2025 English only V.25-20439 (E) *2520439*](https://track.unodc.org/uploads/documents/UNCAC/COSP/session11/CAC-COSP-2025-CRP.5.pdf) - [Facilitating Beneficial Ownership Disclosures in the Philippines](https://www.unodc.org/roseap/en/what-we-do/anti-corruption/topics/2022/05-beneficial-ownership-disclosures-philippines.html) - [Implementation of Beneficial Ownership Transparency in ASEAN Member States and](https://www.unodc.org/roseap/uploads/documents/Publications/2024/Implementation_of_Beneficial_Ownership_Transparency_in_ASEAN_Member_States_and_Timor-Leste.pdf) - [Beneficial Ownership Regulations and Company Registries in Southeast Asia](https://www.unodc.org/roseap/uploads/documents/topics/anti-corruption/2022/Beneficial_ownership_regulations_and_company_registries_in_Southeast_Asia.pdf) - [Frequently Asked Questions | FinCEN.gov](https://www.fincen.gov/boi-faqs) - [Beneficial Ownership Information Reporting | FinCEN.gov](https://www.fincen.gov/boi) - [BOI E-FILING - FinCEN](https://boiefiling.fincen.gov/) - [Treasury Department won’t enforce beneficial ownership rule under the Corporate Transparency Act - ICIJ](https://www.icij.org/inside-icij/2025/03/treasury-department-wont-enforce-beneficial-ownership-rule-under-the-corporate-transparency-act/) - [Guidance on Beneficial Ownership and Transparency of Legal Arrangements](https://www.fatf-gafi.org/en/publications/Fatfrecommendations/Guidance-Beneficial-Ownership-Transparency-Legal-Arrangements.html) - [Enhancing the Philippines’ capacity to collect and verify beneficial ownership data](https://www.unodc.org/roseap/what-we-do/anti-corruption/topics/2022/14-philippines-beneficial-ownership-data.html) - [Crypto regulatory affairs: The Philippines opens up a potential new frontier for stablecoin innovation](https://www.elliptic.co/blog/philippines-opens-up-potential-new-frontier-for-stablecoin-innovation) - [What Is a VASP? Virtual Asset Service Provider - Chainalysis](https://www.chainalysis.com/glossary/virtual-asset-service-provider/) - [2025 Crypto Regulatory Round-Up](https://www.chainalysis.com/blog/2025-crypto-regulatory-round-up/) - [Global Crypto Policy Review Outlook 2025/26 Report | TRM Labs](https://www.trmlabs.com/reports-and-whitepapers/global-crypto-policy-review-outlook-2025-26) - [Blockchain Legal & Regulatory Guidance Practice Note: Part Six: VASPs](https://www.elliptic.co/blog/analysis/blockchain-legal-regulatory-guidance-practice-note-part-six-virtual-asset-service-providers) - [Navigating the APAC stablecoin regulatory landscape with Ecosystem Monitoring](https://www.elliptic.co/blog/navigating-the-apac-stablecoin-regulatory-landscape-with-ecosystem-monitoring) - [Coins.ph uses Elliptic analytics for Filipino compliance](https://www.elliptic.co/media-center/coins.ph-adopts-elliptic-blockchain-analytics-to-strengthen-crypto-compliance-in-the-philippines) - [VASP Data Flat File - Chainalysis](https://www.chainalysis.com/product/vasp-data-flat-file/) - [Digital Asset Solutions for Regulators - Chainalysis](https://www.chainalysis.com/regulators/) - [Commission updates list of high-risk countries to strengthen international fight against financial crime - Finance](https://finance.ec.europa.eu/news/commission-updates-list-high-risk-countries-strengthen-international-fight-against-financial-crime-2025-06-10_en) - [European Commission updates list of high-risk countries to strengthen international fight against financial crime - Finance](https://finance.ec.europa.eu/news/european-commission-updates-list-high-risk-countries-strengthen-international-fight-against-2025-12-04_en) - [Anti-money laundering and countering the financing of terrorism at international level - Finance](https://finance.ec.europa.eu/financial-crime/anti-money-laundering-and-countering-financing-terrorism-international-level_en) - [Anti-Money Laundering and Terrorist Financing Directive 4 - Finance](https://finance.ec.europa.eu/regulation-and-supervision/financial-services-legislation/implementing-and-delegated-acts/anti-money-laundering-and-terrorist-financing-directive-4_en) - [Protecting the EU’s financial system - Finance - European Commission](https://finance.ec.europa.eu/news/protecting-eus-financial-system-2025-07-16_en) - [High risk third countries and the international context content of anti-money laundering and countering the financing of terrorism - European Commission](https://finance.ec.europa.eu/financial-crime/high-risk-third-countries-and-international-context-content-anti-money-laundering-and-countering_en) - [EU methodology for the identification of high-risk third countries - Finance](https://finance.ec.europa.eu/financial-crime/anti-money-laundering-and-countering-financing-terrorism-international-level/eu-methodology-identification-high-risk-third-countries_en) - [ECSH31555 - Schedule 3ZA - High-Risk Third Countries - HMRC internal manual - GOV.UK](https://www.gov.uk/hmrc-internal-manuals/economic-crime-supervision-handbook/ecsh31555) - [HM Treasury Advisory Notice: High Risk Third Countries - GOV.UK](https://www.gov.uk/government/publications/money-laundering-advisory-notice-high-risk-third-countries--2/hm-treasury-advisory-notice-high-risk-third-countries) - [Anti-money laundering: the Commission updates its list of high-risk third-country jurisdictions to strengthen the international fight against financial crime - Finance](https://finance.ec.europa.eu/news/anti-money-laundering-commission-updates-its-list-high-risk-third-country-jurisdictions-strengthen-2022-12-20_en) - [The Philippines operationalizes policy on terrorism and terrorism financing | United Nations in Philippines](https://philippines.un.org/en/287855-philippines-operationalizes-policy-terrorism-and-terrorism-financing) - [ABU SAYYAF GROUP | Security Council](https://main.un.org/securitycouncil/en/sanctions/1267/aq_sanctions_list/summaries/entity/abu-sayyaf-group) - [The Philippines operationalizes policy on terrorism and terrorism financing](https://www.unodc.org/roseap/en/philippines/2025/01/terrorism-policy-financing/story.html) - [Philippines -- Measures to eliminate international terrorism](https://www.un.org/en/ga/sixth/75/int_terrorism/philippines_e.pdf) - [Comprehensive Update on Terrorist Financing Risks FATF REPORT July 2025](https://www.fatf-gafi.org/content/dam/fatf-gafi/publications/Comprehensive-Update-on-Terrorist-Financing-Risks-2025.pdf.coredownload.inline.pdf) - [Terrorist Financing](https://www.fatf-gafi.org/en/topics/Terrorist-Financing.html) - [With UNODC support, the Philippines adopts National Strategy against money laundering and terrorist financing](https://www.unodc.org/southeastasiaandpacific/en/2019/01/money-laundering-terrorist-financing/story.html) - [Money Laundering Advisory Notice: High Risk Third Countries - GOV.UK](https://www.gov.uk/government/publications/money-laundering-advisory-notice-high-risk-third-countries--2) - [Money Laundering Advisory Notice: June 2026 - GOV.UK](https://www.gov.uk/government/publications/money-laundering-advisory-notice-high-risk-third-countries--2/money-laundering-advisory-notice-high-risk-third-countries--2) - [High-risk third countries](https://www.gamblingcommission.gov.uk/licensees-and-businesses/notice/high-risk-third-countries) - [HM Treasury publish updated list of high risk third jurisdictions](https://www.gamblingcommission.gov.uk/licensees-and-businesses/notice/hm-treasury-publish-updated-list-of-high-risk-third-jurisdictions) - [The Money Laundering and Terrorist Financing (High-Risk ...](https://www.legislation.gov.uk/uksi/2024/69/made) - [High-Risk Jurisdictions subject to a Call for Action - 21 February 2025](https://www.fatf-gafi.org/en/publications/High-risk-and-other-monitored-jurisdictions/Call-for-action-february-2025.html) - [International Narcotics Control Strategy Report Volume II Money Laundering](https://syntheticdrugs.unodc.org/uploads/syntheticdrugs/res/library/cybercrime_html/US_International_Narcotics_Control_Strategy_Report_Money_Laundering.pdf) - [Dirty Money Risks Still Lurk After Philippines Online Casino Ban, Moody’s Says - Bloomberg](https://www.bloomberg.com/news/articles/2025-01-22/dirty-money-risks-still-lurk-after-philippines-online-casino-ban-moody-s-says) - [With UNODC support, the Philippines adopts National Strategy against money laundering and terrorist financing](https://www.unodc.org/roseap/en/2019/01/money-laundering-terrorist-financing/story.html) - [The FATF Recommendations](https://www.fatf-gafi.org/en/publications/Fatfrecommendations/Fatf-recommendations.html) - [National money laundering and terrorist financing risk assessment](https://www.fatf-gafi.org/en/publications/Methodsandtrends/Nationalmoneylaunderingandterroristfinancingriskassessment.html) - [FATF publishes new Guidance on Financial Inclusion and Anti-Money Laundering and Terrorist Financing Measures](https://www.fatf-gafi.org/en/publications/Financialinclusionandnpoissues/guidance-financial-inclusion-aml-tf-measures.html) - [The Philippines' progress in strengthening measures to tackle money laundering and terrorist financing](https://www.fatf-gafi.org/en/publications/Mutualevaluations/Fur-philippines-2022.html) - [Financial Action Task Force (FATF)](https://www.fatf-gafi.org/en/publications/Fatfgeneral/outcomes-fatf-plenary-february-2025.html) - [European Commission, DG FISMA](https://finance.ec.europa.eu/news/commission-updates-list-high-risk-countries-strengthen-international-fight-against-financial-crime-2025-06-10_en) - [UNODC Regional Office for Southeast Asia and the Pacific](https://www.unodc.org/roseap/en/philippines/2024/11/inter-agency/story.html) - [FinCEN, U.S. Department of the Treasury](https://www.fincen.gov/news/news-releases/financial-action-task-force-identifies-jurisdictions-anti-money-laundering-2) - [Bloomberg](https://www.bloomberg.com/news/articles/2025-11-20/philippine-court-convicts-ex-mayor-for-human-trafficking-on-role-in-scam-center) - [OCCRP](https://www.occrp.org/en/news/philippines-charges-fugitive-alleged-cyber-fraud-boss-with-money-laundering) - [Elliptic](https://www.elliptic.co/country-guides/philippines) - [Bloomberg](https://www.bloomberg.com/news/articles/2025-01-22/dirty-money-risks-still-lurk-after-philippines-online-casino-ban-moody-s-says) - [UNODC / UNCAC Conference of States Parties](https://track.unodc.org/uploads/documents/UNCAC/COSP/session11/CAC-COSP-2025-CRP.5.pdf) - [Chainalysis](https://www.chainalysis.com/blog/asian-scam-centers-crypto-fraud-april-2026/) Coverage gaps fim-int-2026-07-07-G001: No Philippines-specific primary sou… fim-int-2026-07-07-G001: No Philippines-specific primary source confirming the exact date the UK MLR High-Risk Third Country schedule was updated to remove the Philippines; the UK position is currently inferred from the general FATF-mirroring mechanism. [resolved] fim-int-2026-07-07-G002: Quantified data on residual illegal… fim-int-2026-07-07-G002: Quantified data on residual illegal/unregistered POGO-linked operators post-2024-ban is absent; Moody's flagged the risk qualitatively without a scale estimate. [resolved] fim-int-2026-07-07-G003: No confirmed date exists for the ne… fim-int-2026-07-07-G003: No confirmed date exists for the next FATF/APG sustained-implementation follow-up review of the Philippines, limiting horizon-item date precision. [resolved] fim-int-2026-07-07-G004: Extent of broader (non-extractive-s… fim-int-2026-07-07-G004: Extent of broader (non-extractive-sector) SEC beneficial-ownership data actually verified against ground-truth ownership is not evidenced; only registry-existence and non-public status are established. [resolved] fim-int-2026-07-07-G005: The ratified sentinel-typology-libr… fim-int-2026-07-07-G005: The ratified sentinel-typology-library-v1.0.json content was not present in this cycle's input bundle, preventing typology_observations matching; a future cycle should supply the library context to enable Task 11C classification. [resolved] fim-int-2026-09-28-G001 ({'scheme': 'financial_integrity', '… fim-int-2026-09-28-G001 ({'scheme': 'financial_integrity', 'value': 'D1'}): PH-specific sanctions architecture (D1) coverage was thin this cycle; no primary or secondary source addressing PH-linked sanctions evasion was located. [resolved] fim-int-2026-09-28-G002 ({'scheme': 'financial_integrity', '… fim-int-2026-09-28-G002 ({'scheme': 'financial_integrity', 'value': 'D2'}): Beneficial ownership (D2) coverage was thin this cycle; no PH-specific registry or corporate-transparency development was located. [resolved] fim-int-2026-09-28-G003 ({'scheme': 'financial_integrity', '… fim-int-2026-09-28-G003 ({'scheme': 'financial_integrity', 'value': 'D7'}): AMLC amendment package rests on a single T3 source; no AMLC primary release or bill text was retrieved this cycle, capping confidence at Probable. [resolved] fim-int-2026-09-28-G004: Tier D jurisdictions (KH, LA, MX, C… fim-int-2026-09-28-G004: Tier D jurisdictions (KH, LA, MX, CO) were outside this PH-bound dispatch's search allocation this cycle; no Tier D finding was pursued. [resolved] fim-int-2026-10-11-G001: Tier D watch jurisdictions (Cambodi… fim-int-2026-10-11-G001: Tier D watch jurisdictions (Cambodia, Laos, Mexico, Colombia) were not researched this cycle due to single-jurisdiction dispatch lock. [resolved] fim-int-2026-10-11-G002: D2, D3, D4 and D6 had thin coverage… fim-int-2026-10-11-G002: D2, D3, D4 and D6 had thin coverage this cycle for the Philippines; no material development located. [resolved] fim-int-2026-10-18-G001 ({'scheme': 'financial_integrity', '… fim-int-2026-10-18-G001 ({'scheme': 'financial_integrity', 'value': 'D3'}): AMLC's own primary press release on the flood-control Court of Appeals freeze order was not independently retrieved this cycle; findings rest on T2/T3 reporting citing AMLC's statement. [open] fim-int-2026-10-18-G002: Tier D watch jurisdictions (Cambodi… fim-int-2026-10-18-G002: Tier D watch jurisdictions (Cambodia, Laos, Mexico, Colombia) were not actively re-swept this cycle within the shared pooled search budget for this union pass. [open] fim-int-2026-10-18-G003 ({'scheme': 'financial_integrity', '… fim-int-2026-10-18-G003 ({'scheme': 'financial_integrity', 'value': 'D5'}): No BSP primary-document statement was retrieved confirming the BSP Governor's crypto-oversight remarks; sourced from quality-press interview only. [open] fim-int-2026-10-25-G001 ({'scheme': 'financial_integrity', '… fim-int-2026-10-25-G001 ({'scheme': 'financial_integrity', 'value': 'D2'}): No PH-specific beneficial-ownership registry development (D2) was located this cycle. [open] fim-int-2026-10-25-G002 ({'scheme': 'financial_integrity', '… fim-int-2026-10-25-G002 ({'scheme': 'financial_integrity', 'value': 'D3'}): No PH-specific enabler-jurisdiction (D3) development was located this cycle. [open] fim-int-2026-10-25-G003 ({'scheme': 'financial_integrity', '… fim-int-2026-10-25-G003 ({'scheme': 'financial_integrity', 'value': 'D4'}): No PH-specific conflict-finance (D4) development was located this cycle. [open] fim-int-2026-10-25-G004 ({'scheme': 'financial_integrity', '… fim-int-2026-10-25-G004 ({'scheme': 'financial_integrity', 'value': 'D5'}): No BSP primary circular text was retrieved for the OPS/VASP-merchant draft this cycle; only T2/T3 restatement available. [open] fim-int-2026-10-25-G005: Colombia-specific sanctions/enforce… fim-int-2026-10-25-G005: Colombia-specific sanctions/enforcement development (tier_D_check.CO) was not located this cycle despite a direct search. [open] FIM-GAP-001 (D3): Despite the 2024 POGO ban and 2025 FATF de… FIM-GAP-001 (D3): Despite the 2024 POGO ban and 2025 FATF delisting, Moody's flagged that dirty-money risks have not been eliminated and that any failure to fully stamp out illegal/unregistered operators could undercut the durability of the exit from increased monitoring. FIM-GAP-002 (D2): APG follow-up analysis found that law enfo… FIM-GAP-002 (D2): APG follow-up analysis found that law enforcement agencies other than AMLC face practical impediments directly accessing bank records when tracing assets, limiting the identification of property potentially subject to confiscation. FIM-GAP-003 (D2): Beneficial ownership transparency remains … FIM-GAP-003 (D2): Beneficial ownership transparency remains strongest in the extractive-sector provisional public register; broader SEC-held corporate BO data is not fully public, constraining independent verification by civil society and international partners. FIM-GAP-004 (D1): No Philippines-specific citation confirmin… FIM-GAP-004 (D1): No Philippines-specific citation confirming the exact date of removal from the UK MLR High-Risk Third Country schedule was located at baseline; the UK position is inferred from the general FATF-mirroring mechanism rather than a country-named primary source. ## Evidence #### Confidence-tiered claims Freeze order on assets linked to alleged flood-control-project corruption; TFS Resolutions TF-118 and TF-119 issued 1 Oct 2026 [[Source 1]](#sec-sources) Probable · 1 source BSP Governor / AMLC chair publicly flagged renewed risk of FATF grey-listing ahead of the March 2027 Mutual Evaluation [[Source 1]](#sec-sources) Probable · 1 source Raises generic covered-transaction threshold from PHP500,000 to PHP1,000,000; retains PHP5,000,000 casino threshold; adds PHP7,500,000 threshold for a new covered-person class; names VASPs, trust/company service providers and online gambling operators as covered persons [[Source 1]](#sec-sources) Probable · 1 source Mynt Inc. priced its PSE IPO at PHP6.60/share, up to PHP60.9bn, the largest IPO in Philippine history [[Source 1]](#sec-sources) Probable · 1 source Covered institutions must submit STRs on designated individuals within 5 days of TFS resolution effectivity [[Source 1]](#sec-sources) Probable · 1 source AMLC Resolution Nos. TF-118 and TF-119, Series of 2026, imposed immediate sanctions freeze orders against two individuals designated as terrorists by the Anti-Terrorism Council (Resolutions No. 86 and 87, 2026), effective 1 October 2026. [[Source 1]](#sec-sources) Probable · 1 source AMLC secured a Court of Appeals freeze order covering 86 bank accounts, four investment accounts, one insurance policy and 25 virtual asset wallets linked to an alleged flood-control-project plunder and budget kickback scheme. [[Source 1]](#sec-sources) Probable · 1 source BSP Governor Eli Remolona Jr. stated BSP wants to regulate crypto transactions 'very, very strictly', citing anonymity and traceability concerns, amid Binance's re-entry efforts via a local partner; the VASP licensing moratorium (since September 2025) remains unchanged. [[Source 1]](#sec-sources) Probable · 1 source Philippines remains off the FATF grey list (exited 21 Feb 2025); next mutual evaluation scheduled for 2027. [[Source 1]](#sec-sources) Probable · 1 source BSP, via a circular letter signed by Deputy Governor Lyn I. Javier dated 6 October 2026, reminded BSP-supervised institutions to comply with the AMLC sanctions freeze orders TF-118 and TF-119. [[Source 1]](#sec-sources) Probable · 1 source 116 assets (86 bank accounts, 4 investment accounts, 1 insurance policy, 25 virtual-asset wallets) linked to a prominent lawmaker and associated entities over flood-control plunder/corruption allegations under RA 7080. [[Source 1]](#sec-sources) Probable · 1 source TF-118 and TF-119 (Series of 2026), against two individuals designated as terrorists by the Anti-Terrorism Council (Resolutions 86 and 87, 2026), effective 1 Oct 2026. [[Source 1]](#sec-sources) Probable · 1 source PHP 217,165.06 linked to a UN Resolution-1267-listed ISIL facilitator, under RA 10168, announced 19 Oct 2026. [[Source 1]](#sec-sources) Probable · 1 source Mizuho Bank Ltd., Manila Branch, establishing a cooperation framework for AML/CTF/CPF risk identification, announced 12-14 Oct 2026. [[Source 1]](#sec-sources) Probable · 1 source 12-month suspension of new Operator-of-Payment-System (OPS) registrations and reclassification of VASP-related merchants as high-risk, requiring direct merchant relationships, enhanced due diligence and risk-based transaction/settlement limits. [[Source 1]](#sec-sources) Probable · 1 source