2 weeks ago
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Strict border control measures against illicit cash smuggling have been a major driver in the Philippines’ removal from the global money-laundering watchlist, according to the Bureau of Customs (BOC).
According to the BOC, the agency’s “aggressive enforcement efforts were instrumental in meeting global compliance standards,” a statement that followed the Financial Action Task Force’s (FATF) announcement last week that the Philippines will no longer be put under increased monitoring, citing the country’s “significant” improvement in its measures against money laundering and terrorist financing.
It reported that its stricter anti-smuggling measures—including cash-sniffing dogs, improved baggage scanners, and enhanced customs training—resulted in a 455-fold surge in currency declarations and 194 cash seizures in 2024.
Authorities can now better track cross-border cash movements after the agency fully integrated customs clearance into the eTravel system, the BOC said, attributing this progress to Commissioner Bienvenido Y. Rubio.
“The deployment of cash-sniffing dogs in major ports and the installation of advanced baggage scanning equipment significantly improved the detection of undeclared and suspicious currency,” it also said.
Customs’ crackdown last year saw record-high cash seizures and a surge in currency declarations, surpassing the past decade’s total.
BOC-Ninoy Aquino International Airport (NAIA) intercepted 158 cases of undeclared or misdeclared currencies, marking a nearly 2,000 percent increase from 2023.
Year to date, 28 currency-related apprehensions have been recorded as part of ongoing efforts to “protect the borders against illicit monetary flows.”
“With these reforms in place, the BOC has reinforced the country’s financial security, ensuring that the Philippines remains compliant with international regulations and safeguarded against illicit financial activities,” Customs said.
