Benjamin E Diokno: Welcome remarks - "Combating Money
Laundering During Pandemic"
Welcome remarks by Mr Benjamin E Diokno, Governor of Bangko Sentral ng Pilipinas (BSP, the
central bank of the Philippines), at the Webinar on "Combating Money Laundering During
Pandemic", 21 July 2020.
* * *
A pleasant day to everyone! I am happy to welcome all of you to the Webinar Series 2020 that
the Bangko Sentral ng Pilipinas Institute is conducting in partnership with the International
Monetary Fund - Singapore Training Institute.
This collaboration emphasizes the need for organizations and institutions like the Bangko Sentral
ng Pilipinas and the International Monetary Fund to continuously work together to discuss timely
and relevant economic and financial issues with a view to developing a better appreciation of
these issues and finding solutions that adhere to international good practices.
The first topic of the Webinar Series, Combating Money Laundering During Pandemic, highlights
the serious challenges that money laundering is creating among financial institutions and
economies of the world during this difficult period.
The discussion is timely as we often witness that money launderers and fraudsters thrive during
crisis periods as they take advantage of the vulnerability of the world economy.
While the global economic activities have slowed down sharply during the current pandemic,
money laundering activities are continuously being reported, which give us reason to believe that
opportunistic threats abound.
In the case of the Bangko Sentral ng Pilipinas, we issued Memorandum 2020-036, dated April
29, 2020, directing all banks to pay close attention to new forms of money laundering and
terrorism financing risks.
Aside from phishing or spear phishing campaigns and other cases of fraudulent activities
highlighted in our advisories, BSP-Supervised Institutions have been warned to be on their guard
against illegal schemes that exploit the changes in work arrangements, lifestyles or behavior of
the public due to Covid-19.
These new illegal schemes include donations or charity scams, impostor investment, product
scams, money mules, online sex trafficking and exploitation, veiled donations for terrorism
financing, which are usually coursed through financial transactions through fund or wire transfers
and deposits.
BSP-Supervised Financial Institutions are also advised to consider these kinds of criminal
activities and typologies in their anti-money laundering and counter terrorism financing controls
and compliance processes and to report suspicious transactions to the Anti-Money Laundering
Council.
They are also encouraged to prudently leverage on technology to reinforce their controls against
fraud or financial crimes.
Criminals and money launderers never "sleep." They are unfazed by the virus. The Bangko
Sentral ng Pilipinas therefore continues to be pro-active, alert, and determined to keep watch
against financial crimes and money laundering activities.
As BSP Governor and Chairman of the Anti-Money Laundering Council, I assure you that we will
continue to work for an internationally compliant and effective anti-money laundering regime,
which will provide the Filipino people with a sound, dynamic, and strong financial system
in an environment that is conducive to the promotion of social justice, political stability, and
sustainable economic growth.
In closing, let me thank our speakers from the International Monetary Fund, Bank de France, and
the Anti-Money Laundering Council Secretariat who have graciously shared their time and
expertise to be with us in this webinar. They have been carefully chosen to help webinar
participants learn how international institutions have developed a protective and responsive
infrastructure against money laundering activities.
Thank you very much and stay safe always!