THE ANTI-MONEY Laundering Council (AMLC) signed an information-sharing protocol (ISP) with Mizuho Bank Ltd., Manila Branch to tighten oversight of dirty money and other financial crimes in the Philippines.
In a statement dated Oct. 12, the AMLC said the ISP seeks to strengthen their efforts in identifying and addressing risks to the local financial system.
“The Anti-Money Laundering Council and Mizuho Bank Limited, Manila Branch (MBLMB) signed an Information-Sharing Protocol that establishes a framework for cooperation and information sharing in support of their respective anti-money laundering, counter-terrorism financing, and counter-proliferation financing mandates,” the AMLC said.
“The ISP reflects the shared commitment of AMLC and MBLMB to safeguard the integrity of the financial system through effective collaboration in detecting, preventing, and combating money laundering, terrorism financing, and other related financial crimes,” it added.
Speaking during the signing event, AMLC Executive Director Atty. Ronel U. Buenaventura said such partnerships are important in tackling financial crime amid growing and more complex risks.
“Thus, the need for timely information sharing and sustained cooperation in order to effectively deter criminals from exploiting the financial system for illicit purposes,” the AMLC added.
The agreement was signed by Mr. Buenaventura, AMLC Director Arnold T. Kabanlit, Mizuho Bank Country Head Masaaki Wada, and Mizuho Bank Chief Compliance Officer Akihiko Kinoshita.
In its latest National Risk Assessment published late last year, the AMLC said the Philippines remains under heightened threat of money laundering as it continues to confront financial crimes such as drug trafficking, financial fraud and tax evasion.
However, it found that the country only faces “medium” vulnerability to money laundering risks, spread across sectors including banks.
The AMLC also said the country faces “medium” risks from terrorism financing and proliferation financing. — Katherine K. Chan