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New AMLC executive director named

The Anti-Money Laundering Council has named Matthew David as the new executive director of the AMLC Secretariat, replacing Mel Georgie Racela, whose term ended last Wednesday.

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AMLC raises bar on registration of non-financial businesses, jobs

The Anti-Money Laundering Council has raised the bar on the registration of designated non-financial businesses and professions.

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House leader asks BSP to draft legislation vs. financial crimes

(PNA file photo) MANILA - House Ways and Means Committee chair Representative Joey Salceda on Friday said he will request the Bangko Sentral ng Pilipinas (BSP) to draft legislation on the country's targeted financial sanctions (TFS) framework to combat terrorism financing and proliferation financing. Salceda emphasized the need for the country to implement more effective targeted financial sanctions to convince the Financial Action Task Force (FATF) to remove the Philippines from its "gray list" by next year. The FATF flagged the country for supposed inadequacies in the effectiveness of the targeted financial sanctions framework (TFS) for both terrorism financing and proliferation financing. "I don't think our current bank secrecy laws would allow for effective targeted sanctions. I've been a strong champion of relaxing our bank secrecy laws for tax purposes. It may be time to relax them for targeted sanctions as well," Salceda told reporters in a message. Salceda said that until the country's banking system becomes more transparent, it will always struggle to impose targeted sanctions. "That means accusations that our banks are a conduit for all sorts of terrorist and illegal transactions will persist. The BSP's latitude for policy changes can only do so much. We need legislation," he said. He is studying the enactment of tax laws that would impose much higher taxes on apprehended illegally accumulated income and allow the use of evidence of tax evasion for the prosecution of other crimes. Salceda dubbed them as "Al Capone" laws as "the notorious American gangster Al Capone was nabbed not for murder, lawless violence, or any other crime but tax evasion." "Money is always the incentive for organized crime. And concealed money means some taxes are being skirted. Tax evasion is always easier to track as a lead for other crimes, because unlike other crimes, where circumstances can attenuate guilt, for tax evasion, the test is pretty simple: if you contrived a scheme to defraud the government, you're guilty," he said. He said the way the tax laws can be used to improve the country's FATF rating is by allowing the use of evidence for tax evasion in investigations for other financial crimes. The BSP, for its part, said it is implementing measures to address the three action-plan items relating to implementing the new registration requirements for money or value transfer services, applying sanctions on unregistered and illegal money remittance operators, and enhancing the effectiveness of the TFS framework for both terrorism financing and proliferation financing. "It will ensure that the remaining action plan items for BSP and BSP Supervised Financial Institutions will be adequately addressed, in line with the country's strong commitment to address all identified strategic deficiencies to exit from the gray list," the BSP said in its annual report. The BSP said it has formed a group that tracks and collates actions and countermeasures seen in other jurisdictions. The central bank, likewise, said it catalogs incidents related to de-risking and correspondent banking, among others. "The information gathered will be used in implementing appropriate policy responses and other necessary interventions," it said. Anti-Money Laundering Council (AMLC) executive director Mel Georgie Racela said that the implications of "gray-listing" entail an increase in the cost of transacting with foreign financial institutions, such as de-risking or de-banking, as well as an increase in fees, borrowing rates, and transaction fees. Other implications of gray-listing would include a delay in transactions, which means a 2 to 4-percent reduction in annual foreign currency remittances and negative reputational and country risks. (PNA) }

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BSP orders banks: Report transactions by suspect terror groups

The Bangko Sentral ng Pilipinas has ordered banks to report suspicious transactions undertaken by 16 groups linked to terrorist organizations such as the Communist Party of the Philippines, New People’s Army and National Democratic Front.

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AMLC freezes assets of 16 groups designated as terrorist

AMLC freezes assets of 16 groups designated as terrorist
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AMLC to banks, e-wallets: Flag vote-buying | Samuel P. Medenilla

BANKS and electronic-wallets firms could face sanctions for not flagging suspected vote-buying or vote-selling activities in their platforms, according to the Anti-Money Laundering Council (AMLC). In a televised interview on Wednesday, AMLC Executive Director Mel Georgie Racela issued the reminder with only a few months before the May 9, 2022…

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Comelec may ease campaign health rules

The Commission on Elections is open to reviewing its stringent rules for in-person campaigning in light of complaints from candidates and the prospect of further downgrade of pandemic alert levels.

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AMLC probe on possible poll-related violations allowed by NPC

MANILA - Bank and electronic money (e-money) accounts that will have unusual transactions ahead of the May 2022 national polls will be investigated by authorities for any election-related crimes sans any violation under the Data Privacy Act. Lawyer Mel Georgie Racela, Anti-Money Laundering Council (AMLC) Executive Director, said the Council, based on an opinion by the National Privacy Commission as early as 2017, can investigate financial transactions and this will not be a violation under the Data Privacy Act since this is part of AMLC's mandate. "As a financial intelligence unit, ang mandato po ay (the mandate is) to preserve integrity of the bank accounts and to ensure na ang Pilipinas po ay hindi ginagamit (that the Philippines is not being used) to launder proceeds of unlawful activities. And kung hindi po tayo magsyi-share ay napakahirap pong ma-execute iyong aming mandato. So, mayroon po kaming exemptions sa National Privacy Commission (And if we will not share information, it will be hard to execute our mandate. So, we have exemptions from the National Privacy Commission)," he said during the Laging Handa briefing on Wednesday. AMLC earlier issued an advisory to covered persons in anticipation of the possible rise of digital financial transactions during the election period. Racela declined to disclose whether the Council has received reports of possible election-related financial transactions such as vote-buying or vote-selling but pointed out that the advisory is intended to remind covered persons such as officials of banks and electronic money issuers (EMIs) not to be remiss in their responsibilities of reporting questionable transactions to authorities. He said banks and EMIs should file suspicious transaction reports to AMLC if their monitoring team has observed such instances. Racela said banks and EMIs will not be liable under the Election Code for any administrative and criminal sanctions unless they do not report suspicious transactions to authorities. Red flags for these transactions include single large cash deposit followed by multiple transfers and withdrawals, any transaction that is not consistent with the account owner's previous transactions, and a person with large number of transactions for a short period during the election period, he said. Racela said these factors will be considered along with the location of recipients, frequency of the transactions, and the age of the recipients. "Lahat po iyan kapag nai-combine ay nagiging red flag indicator, puwedeng maging ground for filing or submitting suspicious transaction report sa AMLC po. (All of these, when combined, become red flag indicators and are possible to be grounds for filing or submitting suspicious transaction reports to AMLC)," he added. (PNA) }

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AMLC warns of sanctions if suspicious transactions are not reported

A top official of the Anti-Money Laundering Council (AMLC) said all institutions covered by the agency should report any suspicious transactions or else face the possibility of both administrative and criminal sanctions.

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