The number of reports accounted for 21.4 percent of the total 755,457 suspicious transaction reports (STRs) submitted during the five-year period. It also showed the Philippines has become a source of illicit funds generated from smuggling during the period. In terms of peso amount for inflows, about 68 percent of illicit funds were coursed through various banks in the United Kingdom. For outflows, Hong Kong received 29 percent of the illicit funds going out of country. “Moreover, majority of the illicit funds were moved in and out of the country through commercial banks,” the report added.

Source: Philippine Star May 22, 2019 16:00 UTC