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AT A GLANCE:
SEC. 7. Creation of Anti-Money Laundering Council (AMLC). — The Anti-Money Laundering Council is hereby created and shall be composed of the Governor of the Bangko Sentral ng Pilipinas as chairman, the Commissioner of the Insurance Commission and the Chairman of the Securities and Exchange Commission as members. (Republic Act No. 9160)
The Anti-Money Laundering Act of 2001 was ratified on September 29, 2001, and became enforceable on October 17, 2001.
Enshrined in Republic Act No. 9160 of 2001, the AMLC is the groundwork in the fight against money laundering and illicit financial activities. The AMLC identifies, traces, and builds cases against individuals or entities engaged in money laundering activities.
Furthermore, the AMLC proactively works to prevent money laundering by imposing stringent reporting requirements on financial institutions. By ensuring that banks and other financial entities maintain transparency in their transactions, the AMLC acts as a vital deterrent to money laundering activities.
The AMLC likewise collaborates with law enforcement agencies and legal authorities to facilitate the prosecution of individuals involved in money laundering. This collaborative approach strengthens the legal framework and ensures that perpetrators face the consequences of their actions.
The founding anniversary of the Anti-Money Laundering Council is a testament to the Philippines’ unwavering commitment to combating financial crimes. Through its steadfast dedication to investigation, prevention, and prosecution, the AMLC has made significant strides in safeguarding the integrity of the financial system.
Read also: Anti-Money Laundering Council
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