Friday, February 17, 2017

WATCH: What is the anti-money laundering act of 2001


The Anti-Money Laundering Council (AMLC) was created pursuant to Republic Act No. 9160, otherwise known as the “Anti-Money Laundering Act of 2001” (AMLA), to protect the integrity and confidentiality of bank accounts and to ensure that the Philippines shall not be used as a money laundering site for the proceeds of any unlawful activity.

The AMLC is the Philippines’ Financial Intelligence Unit (FIU) tasked to implement the AMLA, as amended by Republic Act Nos. 9194, 10167, and 10365, as well Republic Act No. 10168, otherwise known as the “Terrorism Financing Prevention and Suppression Act of 2012”.

Vision

To be a world-class financial intelligence unit that will help establish and maintain an internationally compliant and effective anti-money laundering regime which will provide the Filipino people with a sound, dynamic, and strong financial system in an environment conducive to the promotion of social justice, political stability, and sustainable economic growth. Towards this goal, the AMLC shall, without fear or favor, investigate and cause the prosecution of money laundering offenses.

Mission

    To protect and preserve the integrity and confidentiality of bank accounts
    To ensure that the Philippines shall not be used as a money laundering site for proceeds of any unlawful activity
    To extend cooperation in transnational investigation and prosecution of persons involved in money laundering activities, wherever committed

Organization

The AMLC is composed of the Governor of the Bangko Sentral ng Pilipinas as Chairman, and the Commissioner of the Insurance Commission and the Chairman of the Securities and Exchange Commission as members. It acts unanimously in the discharge of its functions.

The AMLC is assisted by a Secretariat headed by an Executive Director and consisting of five (5) units — the Office of the Executive Director, Compliance and Investigation Group, Legal Services Group, Information Management and Analysis Group, and Administrative and Financial Services Division.

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SOURCE: YOUTUBE

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