RP’s Anti-Money Laundering Council now a member of Egmont Group

The Philippines’ Anti Money Laundering Council (AMLC) has finally been accepted as a member of the Egmont Group, the network of financial intelligence units (FIUs) running after funds from illegal activities including terrorism.

The Bangko Sentral ng Pilipinas (BSP) said yesterday that the Egmont Group accepted AMLC’s membership along with seven other FIUs during the group’s 10th anniversary meeting in Washington.

AMLC acting chairman and acting BSP Governor Amando M. Tetangco would give the council unlimited access to the Group’s financial data that would aid the government in the prosecution of transnational crimes such as drug trafficking and terrorism.

AMLC’s acceptance into the Egmont Group followed the country’s removal from the list of non-cooperative countries and territories (NCCTs) of the Financial Action Task Force (FATF).

The Egmont Group is a loose organization of financial intelligence agencies around the world, including the US Financial Crimes Enforcement Network (Fincen) and the Australian Transaction Reports and Analysis Center (Austrac).

At least three FIUs have earlier agreed to sponsor the country’s membership application to Egmont, specifically Austrac, Fincen and the Financial Transaction Reports Analysis Centre of Canada (Fintrac).

Under the Egmont Group’s application procedures, an applicant country required at least one sponsor. Fincen was originally eyed as the primary sponsor but Fintrac later volunteered to also support the Philippine application.

The Philippines formally applied for membership early last year as it also prepared to enter into bilateral cooperation with AMLC counterparts in South Korea and Australia.

The AMLC initially submitted its reply to the questionnaire from the Egmont Group in the initial stage of the AMLC’s application process.

If Fincen and Fintrac are both satisfied with the implementation of the Anti Money Laundering Program, their sponsorship would bolster the country’s Egmont application.

However, Tetangco said the biggest factor was the country’s final removal from the FATF’s NCCT list, the roster of countries considered as the last bastions of money-laundering activities and continued inclusion meant increasing isolation from the international financial community.

After being removed from its blacklist, the FATF has put the Philippines under a one-year monitoring period to ensure that the performance that led to its delisting would be sustained.