Financial Crime World

Financial Intelligence Unit Plays Crucial Role in Philippines’ Anti-Money Laundering Efforts

The Anti-Money Laundering Council (AMLC) serves as the Philippines’ Financial Intelligence Unit (FIU), responsible for implementing the country’s anti-money laundering laws and regulations. Established under Republic Act No. 9160, also known as the “Anti-Money Laundering Act of 2001,” the AMLC aims to protect the integrity and confidentiality of bank accounts and prevent the Philippines from being used as a money-laundering site for illegal activities.

Mission and Vision

The agency’s vision is to become a world-class financial intelligence unit that helps establish and maintain an internationally compliant anti-money laundering regime, promoting social justice, political stability, and sustainable economic growth. To achieve this goal, the AMLC investigates and prosecutes money-laundering offenses without fear or favor.

Composition

The AMLC is composed of:

  • The Governor of the Bangko Sentral ng Pilipinas as Chairman
  • The Commissioner of the Insurance Commission as a member
  • The Chairman of the Securities and Exchange Commission as a member
  • An Executive Director who heads the agency’s Secretariat, providing support to the Council in carrying out its functions

New Seal

The AMLC has introduced a new seal that features a stylized young Philippine eagle, which symbolizes strength, courage, and determination. The council’s acronym, “AMLC,” is prominently displayed alongside the text inscriptions “Anti-Money Laundering Council.” The colors used in the seal represent:

  • Security
  • Trust
  • Reliability
  • Optimism
  • Wisdom
  • Logic

The black font color denotes strength and authority.

Role in Anti-Money Laundering Efforts

The AMLC plays a crucial role in ensuring that the Philippines remains compliant with international anti-money laundering standards and regulations. Its efforts help to:

  • Protect the country’s financial system from being exploited by criminals and terrorists
  • Promote social justice, political stability, and economic growth