Unregistered DNFBPs Face Stricter Sanctions, Says AMLC

MANILA, Philippines — Unregistered designated non-financial businesses and professions that failed to register on time could face more stringent sanctions from the financial intelligence unit, according to the Anti-Money Laundering Council .

Of the 11 unregistered DNFBPs, 10 are jewelry dealers, namely, AGT Classic Jewelry, Enzima International, Glory Jewelry & Tools Supply, Jewels and Gems, Lili Jewelry, Oversea Jewelry and Gift Shop, Pandora, RL Jewelry Repair Shop, Silverworks as well as Wellmanson.According to the AMLC, non-registration is considered a serious violation under the Rules of Procedure in Administrative Cases.

Covered persons should also cooperate with the AMLC to protect their businesses and professions from being used in money laundering and terrorism financing, the AMLC added. In February, the Philippines failed anew to exit the gray list or list of jurisdictions under increased monitoring after falling short in addressing the remaining concerns on its AML/CFT regime.

The Philippines remains on track to become an upper-middle income economy in 2025, even as the government trimmed its economic... In a press briefing with the members of the press on Thursday, Balisacan said that the country's economic growth target had...

Unregistered Dnfbps Sanctions Financial Intelligence Unit Anti-Money Laundering Council Jewelry Dealers Registration

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