The Anti-Money Laundering Act of 2001, as amended, mandates the AMLC to develop educational programs on the harmful effects of money laundering, the methods and techniques used in money laundering, the viable means of preventing money laundering and the effective ways of prosecuting and punishing offenders. Ladies and gentlemen. The Philippines has been making big strides in having a robust legal AML/CFT framework.
Following the enactment by our legislators of the Anti Money Laundering Act, we have: •  criminalized money laundering  BIS Review 113/2008  1  •  created the Anti-Money Laundering Council as the Philippines’ Financial Intelligence Unit  •  established the mandatory obligations for covered institutions relative to the requirements on customer due diligence, record keeping, and the reporting of covered and suspicious transactions  •  enforced mutual legal assistance and cooperation; and finally,  •  instituted a civil forfeiture system  In addition, the Supervising Authorities have issued circulars and guidelines to covered institutions regarding correspondent banking, politically exposed persons, wire transfers, alternative remittance systems, as well as cross border transportation of currency, and UN Security Council resolutions on designated terrorist individuals and organizations.