Anti-Financial Account Scamming Act (AFASA) signed into law

PHILIPPINES - Report 25 Jul 2024 by Diwa Guinigundo and Wilhelmina Manalac

The Philippines is coming down hard on financial scams. President Marcos Jr signed into law the Anti-Financial Account Scamming Act or AFASA. The law consolidates three Senate resolutions, four Senate bills and a House Bill, and is aimed at deterring and penalizing financial cyber crimes, providing harsher penalties for online selling and investment scams, phishing and other fraud schemes. The law likewise considers and punishes as illegal acts, money muling activities, social engineering schemes and economic sabotage. Through this law, the government aims to reduce the significant increase in the number of financial crimes involving banks, e-wallets and other financial institutions, while simultaneously promoting greater trust in its efforts to digitize the industry. The country also hopes to be de-listed from the Financial Action Task Force's gray list by January 2025.

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