Phl beefing up campaign vs money launderers

MANILA, Philippines - The Philippines is beefing up its campaign against money launderers as it intends to partner with more financial intelligence units in different parts of the globe to strengthen the Anti-Money Laundering Council (AMLC).

In a forum sponsored by the Egmont Group, Bangko Sentral ng Pilipinas Governor Amando M. Tetangco Jr. said in a speech that the Philippines intends to sign more memorandum of understanding (MOU) with financial intelligence units in June.

“We are slated to sign four MOUs more in the course of the Egmont Meetings here in the Philippines. In addition, we are in the process of finalizing several other MOUs which we hope to sign during the 20th Egmont Group Plenary in St. Petersburg in June,” Tetangco said.

AMLC serves as the country’s financial intelligence unit and is an active member of the Egmont Group in eradicating the twin evils of money laundering and terrorist financing.

“You and I know that somehow … there will always be criminals and terrorists in different parts of the globe. The Philippines is no exception. Worldwide, the number… the location … and the modus operandi of criminals and terrorists are constantly changing,” he added.

Tetangco, who also chairs the inter-agency AMLC, said the MOUs to be signed would serve as an agreement laying down a framework for cooperation with other financial intelligence units particularly in information exchange.

“This is the reason why we in the Philippines value our membership in the Egmont Group…. where cooperation is particularly strong in the areas of information exchange, training and the sharing of expertise against money laundering and the financing of terrorism.

 In 2011 alone, the Philippines through the AMLC received and took appropriate action on 97 requests of other financial intelligence units and international bodies. At the same time, we made 459 requests for assistance from other units.

Tetangco said the cooperation with other financial intelligence units has resulted in the successful filing of many charges, the freezing of bank deposits and criminally-tainted assets, as well as civil forfeiture judgments.

Since AMLC joined the Egmont Group on June of 2005, the BSP chief said the Philippines already signed MOUs with 30 different financial intelligence units all over the world.

Tetangco said the Philippines continue to strengthen the AMLC organization as a financial intelligence unit by raising its manpower complement by 65 percent to 109 including new hires from different law enforcement agencies such as the National Bureau of Investigation (NBI), the Philippine Drug Enforcement Agency (PDEA), and the Philippine National Police (PNP).

Furthermore, he pointed out that the BSP and AMLC are actively pursuing legislative amendments to strengthen the Anti-Money Laundering Act and to criminalize terrorist financing as a stand-alone offense.

He said President Aquino has already certified the passage of these legislative amendments as urgent.

According to him, the enactment of these amendments to make the Philippines fully compliant with the international standards set by the Financial Action Task Force (FATF), the United Nation Conventions, and other agencies in combating money laundering and terrorist financing.