Financial Crime World

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

The Philippines has been taking significant strides in strengthening its anti-money laundering and combating the financing of terrorism measures, and at the heart of these initiatives is the Anti-Money Launderling Council (AMLC), which serves as the country’s Financial Intelligence Unit.

Background

  • The Philippines is a founding member of the Asia-Pacific Group on Money Laundering (APG) since 1997.
  • The country has enacted laws aimed at preventing money laundering and terrorist financing, established a Financial Intelligence Unit, and implemented a system for reporting suspicious transactions.

Anti-Money Laundering Council (AMLC)

  • The AMLC is responsible for collecting, analyzing, and disseminating financial information to help prevent and detect money laundering and terrorist financing activities.
  • As the country’s Financial Intelligence Unit, the AMLC plays a vital role in ensuring the effective implementation of the Philippines’ anti-money laundering and combating the financing of terrorism laws and regulations.

Mutual Evaluation Process

  • The Philippines has undergone a rigorous Mutual Evaluation process by the APG, with its third evaluation completed in November 2018.
  • The report, which was adopted by the APG in August 2019, provides an in-depth assessment of the Philippines’ anti-money laundering and combating the financing of terrorism framework.
  • The full report is available online for public review.

Key Stakeholders

  • The AMLC, along with other key stakeholders such as the Bangko Sentral ng Pilipinas, continues to play a vital role in ensuring the effective implementation of the country’s anti-money laundering and combating the financing of terrorism laws and regulations.
  • It is crucial that these institutions work together to ensure the integrity of the country’s financial system.

By working together, the AMLC and other key stakeholders can help ensure that the Philippines’ anti-money laundering and combating the financing of terrorism efforts are effective and comprehensive.