AMLC leads national strategy vs dirty money

The government will craft a new and updated national strategy to clamp down on the traffic of “dirty money” and terrorist financing, with the Anti-Money Laundering Council (AMLC) being designated as the lead agency in the effort.

AMLC said it had spearheaded the formulation of the National Risk Assessment report, which formed the strategy of various government agencies based on identified risks.

This strategy offers an encompassing approach in efforts against antimoney laundering and countering the financing of terrorism.

“It provides a harmonized method for government and private sectors in fighting money laundering and terrorism financing, which will then bolster the country’s mechanisms to support an effective [enforcement] regime,” the agency said.

This National Anti-Money Laundering and Countering the Financing of Terrorism Strategy (NACS)—which was approved by the Office of the President earlier this month—also contains principles of the Philippine strategy compliant with international standards, defined targets and action plans.

“With his approval of the NACS, President Duterte recognizes that an effective antimoney laundering and countering of the financing of terrorism system demands cooperation and commitment among government and private sectors,” AMLC Executive Director Mel Georgie Racela said.

“Though these sectors have already been collaborating in the past, the NACS standardizes our country’s approach. Our agencies, offices and institutions all have different mandates and responsibilities, but the NACS methodically gets us all together toward the common goal of fighting money laundering and terrorism financing.”

The crafting of the antimoney laundering framework was guided by the second national risk assessment report, along with the functions and priorities of relevant agencies as well as current trends.

With inputs and support from the national government and law enforcement agencies, and private sector institutions, the second risk national assessment report, which covered the years 2015 and 2016, gauged the threats stemming from proceeds-generating predicate offenses and the vulnerabilities in the antimoney laundering and countering the financing of terrorism systems of the country.