| Subject: | REAL ESTATE SECTOR ML TF PF ASSESSMENT (EXECUTIVE SUMMARY) - AMLC Philippines |
|---|---|
| Date: | Mon, 12 Jul 2021 11:40:19 +0800 |
| From: | AMLC <amlc@egmont.org> |
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Dear Colleagues:
In June 2021, the Anti-Money Laundering Council (AMLC) approved the Real Estate Sector Money Laundering/Terrorism Financing/Proliferation Financing Assessment.
The ML/TF/PF real estate sector review assessment aims to identify and assess the potential criminal threat environment and vulnerabilities associated with the sector. Existing typologies expose the sector to certain criminal activities, such as corruption, illegal drugs and fraud. Criminals potentially facilitate movement and hide the illegal proceeds through purchase of or investment in real properties. These assets are also used as clandestine hideouts for illegal operations. In the case of terrorism and TF, the properties were allegedly used to train recruits to perform terrorism-related activities.
The sector review assessment is undertaken by the AMLC Secretariat as part of its regulatory initiatives. The study contains information on real estate players which the AMLC can use in its environmental scanning and prioritization, or risk-based supervision. Further, the study identified current gaps and appropriate recommendations to ensure effective supervision of the sector.
We are sharing the executive summary version of the AMLC’s real estate sector review pursuant to the EGMONT Charter and Principles for Information Exchange, or any existing Memorandum of Understanding. The executive summary contains the general findings, typologies, recommended actions and other basic elements of the sector risk assessment.
Thank you.
For the Executive Director:
Mr. Alvin L. Bermido
Deputy Director and Head,
Commitments and Policy Group
AMLC Secretariat