Anti-Money Laundering Council Explained

Agency Name:Anti-Money Laundering Council
Formed:September 29, 2001
Jurisdiction:Philippines
Headquarters:Anti-Money Laundering Council, EDPC Building, BSP Complex, Malate, Manila, Philippines
Chief1 Name:
Budget:₱75.06 million Php (2018)[1]

The Anti-Money Laundering Council (AMLC) is the agency of the Government of the Philippines that is tasked to implement the provisions of Republic Act No. 9160, also known as the “Anti-Money Laundering Act of 2001” (AMLA), as amended, and Republic Act No. 10168, also known as the “Terrorism Financing Prevention and Suppression Act of 2012” (TFPSA).

It serves as the Philippines' central anti-money laundering/counter-terrorism financing (AML/CTF) authority. As such, it functions as the AML/CTF regulator and supervisor, financial intelligence unit, and primary law enforcement agency of the Philippines against money laundering and terrorist financing.

The AMLC may refer to (1) the government agency or (2) the Council, which heads the said government agency.

Mandate

The AMLC is mandated to implement the AMLA and TFPSA, in accordance with the following State policies:

AMLA

TFPSA

The council

The council is composed of the governor of the Bangko Sentral ng Pilipinas (BSP) as chairman, and the commissioner of the Insurance Commission(Philippines) (IC) and the chairperson of the Securities and Exchange Commission (SEC) as members. It acts unanimously in the discharge of its functions.[2]

Historical composition

2001–2004:

2004:

2004–2005:

2005–2007:

2007–2010:

2010:

2011:

2011–2016:

2016–2017:

2017–2018:

2017–2019:

2019–2022:

2022-2023:

2023:

Present:

Organizational structure

The AMLC is headed by the council. The chief executive officer of the AMLC is the executive director.

The AMLC consists of three major operational units:

Under the OED are the following functional groups/units:

Under the DPD are the following functional groups/units:

Under the IED are the following functional groups/units:

Executive directors

Rule 6, Section 2 of the 2018 Implementing Rules and Regulations, in relation to Section 8 of Republic Act No. 9160, as amended, states that the Executive Director shall be the chief executive officer of the AMLC. The following are the past and present Executive Directors of the AMLC:

November 2001 – May 2002

May 2002 – March 2013

March 2013 – 31 January 2017

01 February 2017 – 10 August 2017 (as Officer-in-Charge); 18 August 2017 – 17 August 2022

18 August 2022 – 17 August 2027

Laws and rules covering the AMLC

External links

Notes and References

  1. Web site: OFFICIAL GAZETTE . 29 December 2017 . www.dbm.gov.ph . 2019-10-11.
  2. Web site: Republic Act 9194 . Bangko Sentral ng Pilipinas .
  3. Web site: Republic Act No. 10168 . Official Gazette of the Republic of the Philippines. 18 June 2012 .
  4. Web site: Pres. Aquino Appoints BSP Gov. Tetangco for a Second Term and Two MB Members . 2011 . www.bsp.gov.ph . 2019-10-11.
  5. Web site: Duterte appoints new Insurance Commission chief | Money | GMA News Online . 23 December 2016 . Gmanetwork.com . 2019-10-11.
  6. Web site: Duterte taps most seasoned, least politically connected exec as next BSP chief | Inquirer Business . 2017-05-08 . 2019-10-11.
  7. Web site: Emilio Aquino is new SEC Chairman | Inquirer News . 2018-06-06 . 2019-10-11.
  8. Web site: Duterte picks Diokno as new Bangko Sentral chief | ABS-CBN News . News.abs-cbn.com . 2019-10-11.
  9. Web site: Ex-NEDA chief Felipe Medalla is next Bangko Sentral Governor: Marcos Jr | ABS-CBN News . News.abs-cbn.com . 2022-06-06.
  10. Web site: Ex POEA chief takes helm at Insurance Commission . philstar.com . 2023-07-05.
  11. Web site: Marcos Jr. picks central banker Eli Remolona as new BSP chief . philstar.com/ . 2023-07-05.