Anti-Money Laundering Council

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The Anti-Money Laundering Council is one of the agencies under the government of the Republic of the Philippines. It was established as response to the growing threat of money laundering. Its office is at the BSP Complex along Roxas Boulevard in Malate, Manila.


The aim of AMLC is to become a world-class financial intelligence agency that will help create an internationally-compliant money laundering regime in the county. The purpose of creating such a regime is to foster a financial system that will advance the ideas of social justice, political stability, and sustainable economic growth.

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Money Laundering

The World Bank and various financial institutions in the world called upon all governments to arrest the growing trend of money laundering. Money laundering by definition is the use of various banks in different countries to conceal vast amounts of wealth that are often gained through illegal means (most commonly through corruption in government or organized crime). People who engage in money laundering often fake their identities and transfer the money many times over to different banks in the world so that the trail would be hard to follow. Countries in the developing world often end up being the final destinations of these ill-gotten wealth.

Functions

The Anti-Money Laundering Council has these functions:

  • To uphold the integrity of the banking industry
  • To regulate all the banks and institutions under the Bangko Sentral Ng Pilipinas and all its subsidiaries
  • To conduct investigations regarding suspicious banking activities
  • To file cases at the Department of Justice should any infraction be observed
  • Implement practices and measures that would greatly reduce the likelihood of money laundering
  • Stop the transfer of funds from marked accounts that have been flagged by various agencies for being possible tools for money laundering

Achievements

The Anti-Money Laundering Council is responsible for barring the transfer of money from various accounts. This includes the accounts of people currently being investigated in charges of corruption, graft and money laundering.

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Citation

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