Anti-Money Laundering Council (Philippines)
AMLC Seal
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| Agency overview | |
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| Formed | 2001 |
| Jurisdiction | Philippines |
| Headquarters | AMLC Secretariat, BSP Complex, Manila , Philippines |
| Agency executive |
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| Website | www |
The Anti-Money Laundering Council (AMLC) Philippines government agency tasked to implement the provisions of Republic Act No. 9160, also known as the “Anti-Money Laundering Act of 2001” (AMLA), as amended, and Republic Act No. 10168, also known as the “Terrorism Financing Prevention and Suppression Act of 2012” (TFPSA). It also acts as the Philippines' financial intelligence unit (FIU) and anti-money laundering/counter-terrorism financing (AML/CTF) regulator.
The AMLC may refer to (1) the government agency or (2) the Council, which heads the said government agency.
The AMLC is mandated to protect and preserve the integrity and confidentiality of bank accounts and to ensure that the Philippines shall not be used as a money laundering site for the proceeds of any unlawful activity. It also extends cooperation in transnational investigations and prosecutions of persons involved in money laundering activities wherever committed.
The AMLC is composed of the Governor of the Bangko Sentral ng Pilipinas (BSP) as Chairman, and the Commissioner of the Insurance Commission (IC) and the Chairperson of the Securities and Exchange Commission (SEC) as members. It acts unanimously in the discharge of its functions.
The AMLC is assisted by a Secretariat headed by an Executive Director and consists of four (4) units:
Under the OED are the Technical Services Staff (TSS) and the Administrative and Financial Services Division (AFSD).
Under the IMAG are the Financial Intelligence Analysis Staff (FIAS), Data Collection and Management Staff (DCMS), Application Development Staff (ADS), and the IT Support Staff (ITSS).
(1) to require and receive covered or suspicious transaction reports from covered institutions;
(2) to issue orders addressed to the appropriate Supervising Authority or the covered institution to determine the true identity of the owner of any monetary instrument or property subject of a covered transaction or suspicious transaction report or request for assistance from a foreign State, or believed by the Council, on the basis of substantial evidence, to be, in whole or in part, wherever located, representing, involving, or related to, directly or indirectly, in any manner or by any means, the proceeds of an unlawful activity.
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