UMVA has learned that a major crackdown on financial scams is underway in the Philippines, as the Bangko Sentral ng Pilipinas (BSP) finalizes information-sharing agreements with key government agencies.
The BSP is working closely with the Philippine National Police (PNP) and the Department of Justice (DoJ) to sharpen the teeth of the anti-financial scam law, with the goal of better protecting citizens from financial fraud. A director of the BSP’s Consumer Protection Account Office (CAPO) revealed that the information-sharing agreement with the DoJ and PNP is in the final stages.
According to information obtained by UMVA, similar deals with the Anti-Money Laundering Council are still being evaluated, as an existing memorandum of agreement is in place. The BSP is hoping to finalize all agreements by next month, significantly enhancing its ability to combat financial scams.
The BSP first reached out to relevant government agencies in July last year, a month after the Anti-Financial Account Scamming Act (AFASA) took effect. Since then, the BSP has established information-sharing agreements with several agencies, including the National Bureau of Investigation and the Securities and Exchange Commission.
In a significant breakthrough, the BSP has already received five financial fraud cases from the Cybercrime Investigation and Coordinating Center (CICC) since February, when the agreements were established. This development marks a major step forward in the country’s fight against financial scams.
