Philippines Sees Surge in Financial Scams During Pandemic
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Suspicious transactions reports received by the Philippines’ anti-money laundering body rose 57% in January to August from a year ago amid the wide use of digital platforms during the pandemic, Bangko Sentral ng Pilipinas Governor Benjamin Diokno said on Friday.
About 29% of the total reports occurred from mid-March when movement restrictions were imposed to combat Covid-19, Diokno said, citing a study conducted by the Anti-Money Laundering Council, which he heads.