Financial Crime World

Philippines’ Battle Against Financial Crime: What You Need to Know

The Anti-Money Laundering Council of the Philippines (AMLC) is a government agency dedicated to combating money laundering and other financial crimes in the country. Established in 2001, the AMLC was created to implement the provisions of the Anti-Money Laundering Act, aiming to prevent the use of the Philippine financial system for money laundering purposes.

Composition of the AMLC

The AMLC is composed of three key government institutions:

  • Bangko Sentral ng Pilipinas (BSP)
  • Securities and Exchange Commission (SEC)
  • Insurance Commission (IC)

These institutions work together to formulate policies, guidelines, and regulations to effectively address money laundering issues in the Philippines.

Measures Against Financial Crime

The AMLC employs a range of measures to fight financial crime, including:

  • Continuous Monitoring: Continuous monitoring of financial transactions within the Philippine financial system using sophisticated technology and data analysis tools to detect suspicious activities.
  • Customer Due Diligence: Strong emphasis on customer due diligence, requiring covered institutions to conduct thorough checks on their customers to verify their identities and assess potential money laundering risks.

Additional Measures

The AMLC also requires:

  • Transaction Records: Covered institutions to maintain detailed records of their transactions and customer information, providing valuable sources of information for investigations.
  • Asset Freezing and Forfeiture: Authority to freeze and forfeit assets involved in money laundering activities, preventing further illicit transactions and ensuring that criminals do not benefit from their illegal activities.

Investigation and Prosecution

In cases of money laundering, the AMLC:

  • Receives, evaluates, and investigates suspicious transaction reports and currency transaction reports from covered institutions
  • Freezes assets and initiates forfeiture proceedings as necessary
  • Provides assistance and support to law enforcement agencies and prosecutorial offices in the investigation and prosecution of money laundering cases

Goals and Impact

Through its guiding policies, risk-based approaches, customer due diligence, record-keeping requirements, and asset freezing and forfeiture, the AMLC aims to:

  • Safeguard the integrity of the Philippine financial system
  • Protect it from abuse by criminals

The Council’s efforts, along with collaboration with local and international law enforcement agencies, contribute to a safer and more secure financial environment in the Philippines.

Stay Informed

To learn more about the AMLC and its initiatives, stay engaged with our blog for future updates and information.