The Bangko Sentral ng Pilipinas (BSP) said it is addressing the adverse impact of foreign banks’ de-risking activities to remittance costs, while conducting its own evaluation of the Philippines’ money laundering and terrorist financing vulnerabilities and weaknesses.
The Vatican's financial watchdog said Thursday it received 544 reports of suspicious financial transactions last year, a three-fold increase over 2014, thanks in part to beefed-up efforts to flag potential tax cheats who are using the Vatican bank to hide money.
In the latest edition of the World Bank’s Migration and Development Brief, released earlier this month, remittance only grew marginally last year. Remittances to developing countries amounted to $431.6 billion in 2015, an increase of 0.4 percent over 2014.
Financial institutions were assessed about $5.2 billion in fines, penalties and forfeitures in connection with Bank Secrecy Act and anti-money laundering violations from January 2009 to December 2015, but none of the fines stemmed from NCUA enforcement actions, the Government Accountability Office reported.
HSBC has told shareholders it will do more to exclude “bad actors” from using its services after the Panama Papers scandal, although it noted that less than 5pc of the bank’s 2,300 shell companies mentioned in the data leak were still operating.
The Special Investigation Team (SIT) on black money today held a meeting and reviewed some important tax evasion and money laundering probe cases like the recent 'Panama Papers' disclosures and those related to bank frauds.
The Internal Revenue Service, embarrassed last year when hackers breached its website’s “Get My Transcript” tool for taxpayers, has now helped law enforcement obtain convictions of fraudsters who exploited the tool to collect unmerited tax refunds.