Anti-Money Laundering Council flags P35B ‘suspicious’ financial transactions
Various forms of cyberfraud became the leading predicate offenses tied to money laundering in the Philippines during the pandemic and its economic aftermath, underscoring how lockdowns accelerated a broad shift to digital platforms that criminals were quick to exploit.
In its latest evaluation of the country’s exposure to dirty money flows, the Anti-Money Laundering Council (AMLC) said it had received 1,295,627 suspicious transaction reports (STRs) with a total value of P35.49 billion from 2021 through the first half of 2024.
Of the total, 758,621 STRs or 58.55 percent came from covered entities like banks that flagged cyber-enabled financial crimes, including phishing, vishing (voice phishing), business email compromise and user account hacking.
Swindling ranked second, comprising 24.17 percent of the total volume, while child exploitation activities made up 6.55 percent. Together, the three predicate offenses accounted for the majority of suspicious transaction reports analyzed by the council.
By value, however, swindling topped the list, with transactions amounting to P14 billion, or 39.49 percent of the total. Cyberfraud followed with P8.1 billion, representing 22.86 percent, while graft and corrupt practices accounted for P4.1 billion, or 11.68 percent.
The council said year-on-year data showed a sharp increase in both the volume and value of cyberfraud-related STRs between 2021 and 2023, particularly in domestic transactions. Yet even as the number of reports surged from 2021 to 2022, their total value fell by more than half—a shift that suggested a proliferation of smaller, lower-value transactions.
A closer look at transaction flows underscored the largely homegrown nature of the cyber threat. The council said 99.88 percent of STRs linked to e-commerce violations were domestic transactions, amounting to 757,705 reports with a combined value of P6.57 billion, or 81.04 percent of the total peso value recorded.
“This points to a strong internal threat landscape,” the AMLC said.
The council’s assessment is intended to provide data-driven insights to help regulators, financial institutions and other stakeholders strengthen antimoney laundering, counterterrorism financing and counterproliferation financing strategies.
