Philippines to undergo 3rd APG mutual evaluations
The Philippines will undergo the third (3rd) round of mutual evaluations (ME) this year to gauge its levels of compliance with international anti-money laundering and combating the financing of terrorism (AML/CFT) standards. The country, along with twelve (12) other jurisdictions, is a founding member of the Asia Pacific Group (APG) on Money Laundering, created in 1997 in Bangkok, Thailand. To date, the APG, an autonomous and collaborative international organization, has forty-one (41) members, who all commit to a mutual peer review system.
In a Memorandum dated 22 February 2018, the Executive Secretary, Office of the President of the Philippines, has designated the Anti-Money Laundering Council (AMLC), the country’s financial intelligence unit (FIU), as the lead agency for the 2018 ME and has enjoined all departments, bureaus, offices, and agencies of the Executive Branch, including government financial institutions and government-owned or -controlled corporations, to be identified by the AMLC to actively participate and extend the necessary assistance in the conduct of the ME.