Money laundering remains a serious threat to the Philippines, which has had its share of embarrassing incidents in the past such as the Bangladesh central bank heist where US$81mil (RM335mil) in stolen money vanished in local casinos in 2016.’
One sector that is particularly vulnerable to cybercriminals is the local capital market. According to an assessment report released last week by the Securities and Exchange Commission (SEC), the capital market is at “medium” risk of being exploited for money laundering, especially as the rise of digitalisation has made it easier for criminals to avoid detection and conceal their financial pipeline.
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