The Securities and Exchange Commission (SEC) of the Philippines says it is partnering up with the United States SEC and the Asian Development Bank (ADB) to better go after crypto scammers in the Philippines and others who perpetuate securities and investment fraud.
In an effort to upskill their technologies and prevent crime, the SEC, along with the US SEC and the ADB, conducted an International Organization of Securities Commissions (IOSCO) Investigation and Enforcement Training workshop last month.
The workshop, notes SEC chair Emilio B. Aquino, was meant to “strengthen the capability of the SEC Philippines’ enforcement personnel in conducting investigations on securities-related crimes like insider trading, market manipulation, off-market fraud and crypto scams.”
In addition to the workshop, which was attended by numerous stakeholders, the Philippine SEC also facilitated the signing of the IOSCO Multilateral Memorandum of Understanding on the same issue.
As well, the SEC is seeking support from Philippine lawmakers to strengthen the its enforcement powers by asking the legislative branch to craft laws that comply with the standards set by the IOSCO, the globally recognized standard setter for the securities sector.
“We are grateful for the US SEC, ADB and IOSCO for sharing their experiences and learning with us and other law enforcement agencies in the Philippines, which will surely guide us as we pursue more programmes and activities towards the protection of the investing public,” Aquino adds. “Scammers are becoming more advanced and sophisticated in their techniques as new technologies arise. As such, the SEC must constantly improve its investigation and enforcement capabilities to ensure that we are always one step ahead in preventing scams.”