16 May 2024 – Seoul. Philippine Ambassador to the Republic of Korea Theresa Dizon-De Vega met with the recently-appointed Republic of Korea Financial Intelligence Unit (KOFIU) Commissioner Park Kwang to discuss the Philippines’ National Strategy on Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) and the rigorous work being undertaken to strengthen the effectiveness of the Philippines’ AML/CFT regime.

Strengthening the national financial system and global compliance to financial standards are important priorities areas for the Philippines as millions of Overseas Filipino Workers send their money to the Philippines through international remittances.

Both sides agreed to further their cooperation to combat the flow of illicit financial activities. An MOU on information exchange between KOFIU and the Philippines’ Anti-Money Laundering Council was signed in 2004. The Philippines is also an active participant in the Asset Recovery Interagency Network – Asia Pacific (ARIN-AP) Asset Recovery Training that is held in Seoul and sponsored by the ROK Supreme Prosecutor’s Office and ARIN-AP. END