The Anti-Money Laundering Council (AMLC) of the Philippines was admitted yesterday as one of seven new members of the Egmont Group, the global network of financial intelligence units (FIUs) against money laundering and terrorist financing. The announcement was made during the group’s 10th anniversary meeting in Washington, DC, USA.
AMLC Acting Chairman and Bangko Sentral ng Pilipinas (BSP) Officer-in-Charge Amando M. Tetangco, Jr. said this makes the Philippines an equal partner in the global fight against money laundering and terrorist financing. AMLC’s admission is also a recognition from Egmont’s member-FIUs of our country’s effective implementation of the Anti-Money Laundering Act (Republic Act No. 9160) which was passed by Congress on September 29, 2001 and amended on March 7, 2003 (R.A. No. 9194). The BSP Governor heads AMLC as Chairman with the heads of the Insurance Commission and the Securities and Exchange Commission as members.
Membership to the Egmont Group means AMLC now has free and unlimited access to a wealth of financial data contained in the databases of all the FIU-members of the group. All information exchanged by FIUs are subjected to strict controls and safeguards to ensure it is used only in an authorized manner, consistent with national provisions on privacy and data protection.
AMLC was admitted to the Egmont Group upon the recommendation of the latter’s Legal Working Group which conducted a thorough evaluation to ensure that its requirements for an FIU are met. An FIU is a central office that obtains and analyzes financial reports and then discloses it to appropriate government agencies and other FIUs.
The Egmont Group was named after the place where the group first met in 1995—the Egmont-Arenberg Palace in Brussels.