Having been at the forefront in urging the government to pass the Anti-Financial Account Scamming Act, British Chamber of Commerce Philippines warmly welcomes the ceremonial signing of the Anti-Financial Account Scamming Act into law on July 20, 2024. The measure is identified as one of the priority bills of the administration and has gained support from the Bangko Sentral ng Pilipinas and other business groups to strengthen the protection of the financial industry against cybercrimes.
In President Ferdinand Marcos’ speech, he noted that “To combat the surge in crimes involving scams online, this new law mandates financial institutions to implement necessary safeguards to protect our citizens’ accounts and this is essential in this time as cybercriminals use technology to defraud fellow Filipinos — causing not only personal economic loss through them but also a loss of trust in financial institutions.”
The law outlined prohibited acts including money muling activities, social engineering schemes, and economic sabotage involving financial accounts. It also mandates the Bangko Sentral ng Pilipinas the authority to investigate accounts that are involved in fraudulent activities and issue cybercrime warrants in coordination with the National Bureau of Investigation (NBI) and the Philippine National Police (PNP).
The British Chamber consistently supports the administration’s digital transformation agenda and calls on the need to further strengthen the country’s digital posture and cyber resiliency which are key in fostering investor trust and confidence. It also called for the passage of the Cybersecurity Act—a priority measure supported by President Marcos upon the recommendation of the Private Sector Advisory Council (PSAC).
“Cybersecurity is a worldwide issue and is not just impacting the Philippines. Cybersecurity is a key issue particularly for the financial sector but also across the whole area. We strongly urge the passage of those key legislation which will reinforce and make the companies and the public even more aware of this key issue,” BCCP Executive Director/Trustee Chris Nelson said in an interview.
The signing of AFASA into law represents a significant move towards safeguarding the country’s financial industry and increasing awareness of the increasing cybersecurity risks. The British Chamber looks forward to the passage of other key priority legislation of the administration towards achieving sustainable economic growth and increasing the country’s competitiveness.
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