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(Anti-Money Laundering Council Secretariat’s Atty. Vencent Salido and Guernsey Border Agency’s Financial Investigation Unit Head and Best Egmont Case Award Champion Philip Hunkin)
At the forefront of money laundering
and terrorism financing National Risk Assessment
Under the international standards on combating money laundering (ML) and terrorism financing (TF), countries are required to identify, assess and understand ML and TF risks and are mandated, based on said assessment, to apply a risk-based approach to ensure that measures to prevent or mitigate ML and TF are commensurate with the risks identified. In line with this, the Office of the President issued Memorandum Circular 64, dated 20 June 2014, enjoining the heads of Departments, Agencies, Offices and Instrumentalities named in Annex A thereof to extend support and active participation in the conduct of the NRA.
Participant-Agencies for the NRA Process are as follows:
The country’s anti-money laundering watchdog has lashed out against criticisms and accusations of alleged leaked documents involving 242 bank accounts held by Vice President Jejomar C. Binay.
In a statement released over the weekend, the Anti-Money Laundering Council (AMLC) said: “The AMLC will continue to discharge its legal mandate without fear or favor.”
The statement added that it will not deign to address issues hurled at the institution by politicians whose identities were not named in the press release, if it were done outside of legal proceedings.
“Any and all issues concerning a pending case should be raised by the parties before the proper Court,” said AMLC.
The AMLC, housed within the compound of the Bangko Sentral ng Pilipinas (BSP), is chaired by BSP Governor Amando M. Tetangco Jr. and includes as members Securities and Exchange Commission head Teresita J. Herbosa and Insurance Commission chief Emmanuel F. Dooc.
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