Financial Crime World

Philippines’ Financial Intelligence Unit Seeks International Cooperation to Fight Money Laundering

The Anti-Money Laundering Council (AMLC) plays a crucial role in protecting the integrity and confidentiality of bank accounts in the Philippines, ensuring that the country is not used as a money laundering site for proceeds of any unlawful activity. As the country’s Financial Intelligence Unit (FIU), AMLC has been tasked with implementing the Anti-Money Laundering Act of 2001, as amended by various Republic Acts.

Vision and Mission

According to its vision statement, AMLC aims to become a world-class financial intelligence unit that will help establish and maintain an internationally compliant and effective anti-money laundering regime. This goal is centered around providing the Filipino people with a sound, dynamic, and strong financial system in an environment conducive to social justice, political stability, and sustainable economic growth.

The organization’s mission is twofold:

  • Protect and preserve the integrity and confidentiality of bank accounts
  • Ensure that the Philippines is not used as a money laundering site for proceeds of any unlawful activity

Additionally, AMLC extends cooperation in transnational investigations and prosecutions of persons involved in money laundering activities, wherever committed.

Composition

The 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, with the assistance of a Secretariat headed by an Executive Director.

New Seal

The AMLC has also unveiled a new seal featuring a stylized young Philippine eagle rendered in blue, red, and yellow strokes. The design is meant to symbolize:

  • Strength
  • Courage
  • Determination
  • Openness
  • Freedom
  • Impartiality
  • Objectivity

This new seal reflects the organization’s commitment to upholding the values of integrity, transparency, and professionalism in its efforts to combat money laundering and protect the financial system.