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DOF, AMLC beef up accord vs. money laundering



The Department of Finance (DOF) and the Anti-Money Laundering Council (AMLC) have strengthened their cooperation and exchange of information against unscrupulous financing activities.


The two agencies, represented by Finance Secretary Carlos Dominguez III and AMLC Secretariat Executive Director Mel Georgie Racela, signed an updated memorandum of agreement (MOA) to step up efforts against money laundering and terrorism financing.

According to the DOF, the updated MOA aims to strengthen the cooperation and exchange of information in detecting, investigating, and prosecuting persons suspected of money laundering, terrorism financing, and other violations of the anti-money laundering law.”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,” Dominguez said.

The AMLC, the country’s financial intelligence unit, is tasked to receive and analyze suspicious transaction reports, investigate money laundering and terrorism financing. The council is also allowed to initiate the filing of forfeiture proceedings and money laundering cases.The DOF, on the other hand, is the government’s steward of sound fiscal policy. It formulates revenue policies to ensure funding of critical government programs that promote public welfare and accelerate economic growth and stability. The DOF and AMLC previously signed a MOA on information-sharing and capacity building in July 2014 to facilitate the efficient investigation and prosecution of officials and employees of revenue-generating agencies, who engage in smuggling as well as graft and corruption.

The revised MOA further institutionalizes mechanisms for the efficient exchange of information. “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,” Racela said.


Source: Manila Bulletin (https://mb.com.ph/2020/09/03/dof-amlc-beef-up-accord-vs-money-laundering/?utm_source=rss&utm_medium=rss&utm_campaign=dof-amlc-beef-up-accord-vs-money-laundering)

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