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Financial Intelligence Unit Role in Philippines: Know the AMLC Better
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The Anti-Money Laundering Council (AMLC) has been at the center of a high-profile investigation into alleged ill-gotten wealth of Vice President Jejomar Binay. The agency’s findings revealed that Binay and his associates had “large and frequent” bank transactions from 2008 to 2014, prompting the Court of Appeals to issue a freeze order on their bank accounts.
What is AMLC?
As the country’s financial intelligence unit (FIU), AMLC serves as both investigator and prosecutor in cases related to money laundering. Unlike other FIUs, AMLC has the authority to carry out investigations and file charges against individuals suspected of engaging in illegal activities.
History and Composition
AMLC was established through Republic Act 9160 or the Anti-Money Laundering Act (AMLA) in 2001. The agency is responsible for implementing both AMLA and Republic Act 10168, or the Terrorism Financing Prevention and Suppression Act.
The composition of AMLC includes:
- Bangko Sentral ng Pilipinas (BSP) governor as chairman
- Insurance Commission commissioner as member
- Securities and Exchange Commission chairman as member
- Secretariat headed by an executive director appointed for a term of five years
Responsibilities and Powers
One of the main tasks of AMLC is to penalize those who launder money, which includes attempting to conceal the illegal nature of proceeds from unlawful activities such as:
- Kidnapping
- Drug trafficking
- Graft and corrupt practices
- Plunder
- Robbery
- Extortion
- Jueteng and masiao
- Piracy
- Qualified theft
- Swindling
- Smuggling
- Terrorism financing
The agency requires covered institutions to report suspicious transactions and freeze orders on accounts related to unlawful activities. AMLC has successfully located, frozen, and forfeited criminal proceeds amounting to P3.95 billion in 2013, and filed a total of 83 cases that year.
Investigative Powers
In addition to its investigative powers, AMLC also has the authority to file freeze orders on accounts related to unlawful activities. The agency may file a petition with the Court of Appeals, which shall last for a period of 20 days unless extended by the court. The depositor has 72 hours upon receipt of the notice to explain why the freeze order should be lifted.
Controversies and Challenges
AMLC’s powers have been tested in several high-profile cases, including the freeze orders on accounts linked to former agriculture undersecretary Jocelyn “Joc-Joc” Bolante, members of the Ampatuan family implicated in the Maguindanao massacre, officers of Aman Futures Group Philippines, businessman Roberto Ongpin, and associates of Janet Lim Napoles.
The agency’s efforts have not been without controversy, however. The 2003 amendment to AMLA removed AMLC’s power to directly freeze assets and accounts, requiring instead that freeze orders come from the Court of Appeals or Supreme Court. This change has led to concerns about the ability of the agency to effectively carry out its mandate.
Conclusion
Overall, AMLC plays a critical role in detecting and preventing money laundering and terrorist financing activities in the Philippines. Its powers and authorities are essential in combating financial crimes and protecting the integrity of the country’s financial system.