Financial Crime Enforcement Agencies in the Philippines: The Anti-Money Laundering Council Takes Center Stage

The Philippine government has made significant strides in combating financial crimes through the creation of the Anti-Money Laundering Council (AMLC), a premier financial intelligence unit tasked with protecting the integrity and confidentiality of bank accounts.

Overview

Established under Republic Act No. 9160, also known as the “Anti-Money Laundering Act of 2001,” AMLC is responsible for ensuring that the Philippines does not become a haven for money laundering activities. The agency has a clear vision to establish an internationally compliant and effective anti-money laundering regime.

Mission

To achieve this goal, AMLC is determined to provide a sound, dynamic, and strong financial system that promotes social justice, political stability, and sustainable economic growth. To accomplish this, the agency has been empowered to investigate and prosecute money laundering offenses without fear or favor.

Composition and Leadership

The AMLC is composed of the Governor of the Bangko Sentral ng Pilipinas as Chairman, along with the Commissioner of the Insurance Commission and the Chairman of the Securities and Exchange Commission as members. The Council acts unanimously in the discharge of its functions, assisted by a Secretariat headed by an Executive Director.

Leadership Team

At the helm of AMLC is Gov. Eli M. Remolona Jr., who serves as Chairman, alongside Atty. Reynaldo A. Regalado and Atty. Emilio B. Aquino as members. The agency’s leadership team is supported by Aty. Matthew M. David, Executive Director of the Secretariat.

New Seal

The AMLC has also adopted a new seal featuring a stylized young Philippine eagle, symbolizing strength, courage, and determination in pursuit of its mandate. The seal’s blue, red, and yellow strokes represent:

• Security: Trust • Red: Responsibility • Yellow: Passion, Action, Strength, Courage, Optimism, Wisdom, and Logic

Mandate

As the Philippines’ premier financial intelligence unit, AMLC is committed to:

• Protecting the integrity and confidentiality of bank accounts • Ensuring that the country is not used as a money laundering site for the proceeds of any unlawful activity • Extending cooperation in transnational investigations and prosecutions of persons involved in money laundering activities

With its robust mandate and commitment to excellence, AMLC has emerged as a key player in the Philippines’ efforts to combat financial crimes and promote a stable and prosperous economy.