AMLC flags tax crimes as money laundering threat

The Anti-Money Laundering Council (AMLC) has flagged tax crimes as one of the Philippines’ highest money laundering threats, according to a report by Philstar Biz.

Authorities warned that proceeds from tax evasion may be coursed through banks, shell companies, real estate and other formal channels, indicating that the financial system is being used to launder illicit funds derived from tax fraud.

The AMLC’s assessment underscores the need for stronger coordination between tax enforcement and anti-money laundering agencies to detect and disrupt these schemes.