Financial Crime World

Financial Crime Reporting Procedures in Philippines Under Scrutiny

The Anti-Money Laundering Council (AMLC) was established to safeguard the integrity and confidentiality of bank accounts and prevent the use of the Philippines as a money laundering site for illegal activities. As the country’s Financial Intelligence Unit, AMLC is responsible for implementing the Anti-Money Laundering Act of 2001 and its amendments.

Vision and Mission

The council’s vision is to become a world-class financial intelligence unit that helps establish an internationally compliant and effective anti-money laundering regime, providing the Filipino people with a sound, dynamic, and strong financial system. To achieve this goal, AMLC investigates and causes the prosecution of money laundering offenses without fear or favor.

Composition

AMLC is composed of:

  • The Governor of the Bangko Sentral ng Pilipinas as Chairman
  • 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 and is assisted by a Secretariat headed by an Executive Director.

Leadership

The council’s leadership includes:

  • Governor Eli M. Remolona Jr. as Chairman
  • Atty. Reynaldo A. Regalado and Atty. Emilio B. Aquino as members
  • Atty. Matthew M. David as Executive Director

New Seal

AMLC has introduced a new seal featuring a stylized young Philippine eagle rendered in blue, red, and yellow strokes. The design represents strength, courage, and determination, symbolizing the council’s commitment to its mandate.

Elements of the Seal

The principal elements of the seal include:

  • The Philippine eagle, known for its ability to fly high and soar toward its goal, signifying independence from outside forces, honesty in public service, and guardianship against attempts to make the Philippines a money-laundering site.
  • The three strokes representing the three pillars of AMLC: independence, integrity, and cooperation.

Colors of the Seal

The colors used in the seal have specific meanings:

  • Blue symbolizes security, trust, reliability, and responsibility
  • Red signifying passion, action, strength, courage, and determination
  • Yellow representing optimism, wisdom, and logic
  • The black font color of the text “AMLC” denotes strength and authority

Conclusion

In conclusion, AMLC plays a crucial role in preventing financial crime and promoting transparency in the Philippines’ financial system. Its procedures are designed to ensure that the country remains compliant with international standards and regulations, while also protecting its integrity and confidentiality.