Philippines: AMLC adopts stricter controls against money laundering


December 6, 2017

The Anti-Money Laundering Council (AMLC) stepped up efforts to fight money laundering as well as criminal and terrorism financing.  AMLC Secretariat Executive Director Mel Georgie Racela said on Wednesday, December 6, that the government has approved the AMLC Registration and Reporting Guidelines (ARRG).

The ARRG consolidates all related AMLC resolutions under a single issuance. It is part of an initiative to provide a framework for reporting to AMLC’s online system and to ensure proper and timely compliance with reporting procedures.  “The AMLC had long wanted a revamp of the system and rules on registration and reporting due to the surge in the number of covered persons, and thus, of their transactions,” Racela explained.