Finance Dept, AMLC ink deal to strengthen fight vs money laundering, terrorism financing


Posted at Sep 03 2020 03:09 PM

MANILA - The Department of Finance said Thursday it signed a deal with the Anti-Money Laundering Council to reinforce the fight against money laundering and terrorism financing.

The memorandum of agreement signed by the 2 agencies aims to strengthen information exchange, investigations and prosecution of people involved in money laundering, terrorism financing and other violations of the Anti-Money Laundering Act of 2021, the DOF said in a statement.

As the country's financial intelligence unit, the AMLC also has the authority to receive and analyze suspicious transactions, investigate money laundering and initiate filing of cases, the DOF said.

The DOF has an anti-corruption arm called Revenue Integrity Protection Service (RIPS), which under the deal, may request for financial information from AMLC to support an on-going probe, it said.

"This updated MOA underlines the unrelenting drive by the Duterte administration to flush out money launderers and terrorist financiers and stop the Philippine financial system from becoming a harbor for their nefarious activities along with other AMLA violations," Finance Secretary Carlos Dominguez III said. 

The RIPS can probe alleged corrupt practices of officials and employees of the DOF and its agencies, the DOF said.
"As the country’s situation evolves, so does the fight against money laundering and terrorism financing. This MOA represents another chapter of collaboration and information-sharing between the DOF and the AMLC,” AMLC Secretariat executive director Mel Georgie Racela said.