AMLC, Government agencies agree to work closer

MANILA, Philippines - After President Duterte blasted the Anti-Money Laundering Council for delaying probes on drug trafficking, the government and the AMLC have agreed to work “closer” in going after dirty money.

This was revealed yesterday by Finance Secretary Carlos Dominguez, who said it was the law, not the central bank that prevented the AMLC from cooperating with the Department of Justice (DOJ) and the National Bureau of Investigation (NBI).

“These institutions’ adoption of a much closer working arrangement... is expected to preclude from hereon any miscommunication similar to the one that has apparently and unfortunately taken place just recently,” Dominguez said in a statement.

The Bangko Sentral ng Pilipinas (BSP), through governor Amando Tetangco Jr., heads the inter-agency AMLC, which also includes the Securities and Exchange Commission and Insurance Commission.

Last Monday, Duterte lashed out at the AMLC and BSP for allegedly not cooperating with the DOJ and NBI on investigating drug money by people he branded as involved in drugs.

A day after, the DOJ said it already received feedback from the AMLC on the matter it requested.

But for the finance chief, delays come from the law such as Republic Act 1405 or the bank secrecy law, which his department wants amended.

In particular, Dominguez has said that the law should allow taxmen to examine bank records of those “suspected” to be involved in corrupt activities.

“Tetangco, a respected member of the economic team, has been providing valuable help in the pursuit of criminals engaged in money laundering,” he said.

“The BSP have not been remiss in doing their job supportive of the Duterte administration’s anti-graft crusade, but the tedious legal process that has from the start been a stumbling block...,” he added.

Under Republic Act 9160, the AMLC is created to ensure the protection of confidentiality in bank accounts, while keeping the country safe from dirty money.

Last Wednesday, Insurance commissioner and AMLC member Emmanuel Dooc was appointed as new president of pension fund Social Security System.

This gives Duterte the power to appoint a new commissioner who will sit with Tetangco and SEC chair Teresita Herbosa.

The AMLC “acts unanimously” in the discharge of its functions, according to its website.

“The timely submission of documents needed by the NBI for its investigation after the initial ‘wrinkle’... illustrates that the concerned institutions have been up to the task, but regrettably have had to observe the normally tedious procedures as required by law,” Dominguez said.