AMLC Maintains an Unmodified Opinion from COA
The Anti-Money Laundering Council (AMLC) received an Unmodified Opinion from the Commission on Audit (COA) for the AMLC Financial Statements for Fiscal Year (FY) 2021. Previously, the AMLC also achieved an Unmodified Opinion for its FY 2020 Financial Statements.
An unmodified or unqualified opinion is issued when the auditor concludes that the financial statements are free from material misstatements and are prepared, in all material aspects, in accordance with the applicable and appropriate Financial Reporting Framework (that is, the Philippine Public Sector Accounting Standards or the Philippine Financial Reporting Standards), pursuant to Section 4.B.1.26 of the Financial Audit Manual of COA.
Such unmodified opinion from COA for two (2) successive years is a continued demonstration of transparency and integrity in the execution of the AMLC's mandate.
The AMLC is the Philippines' Financial Intelligence Unit (FIU). But unlike most FIU's, the AMLC is a hybrid FIU with the authority to received and analyze suspicious transactions reports; investigate money laundering and terrorism financing; and cause the filling of forfeiture proceedings and cases on money laundering and terrorism financing.
Posted 5 July 2022