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Manila Bulletin devider Business devider BIR, AMLC ink accord to combat money laundering

BIR, AMLC ink accord to combat money laundering

Published Oct 25, 2022 04:47 pm

The Bureau of Internal Revenue (BIR) and the Anti-Money Laundering Council (AMLC) signed an agreement on cooperation in combating money laundering activities.

In a statement, the BIR said the tax bureau inked a memorandum of agreement (MOA) with AMLC last Oct. 13 for greater cooperation between the two enforcement agencies.

The MOA was signed by BIR Commissioner Lilia Catris Guillermo and AMLC Executive Director Matthew M. David.

“The MOA aims to promote and encourage cooperation and coordination to effectively prevent, control, detect, investigate and prosecute money laundering activities, terrorism financing and unlawful activities in the country,” the BIR said.

Based on the MOA, the AMLC may enlist the assistance of the BIR in the detection and investigation of money laundering activities and other violations of the amended Anti-Money Laundering Act (AMLA).

The BIR, on the other hand, may request for financial information, including bank records, in relation to any violation of laws that the tax bureau is tasked to implement.

BIR said requests for information shall include an evaluation of the case under investigation and disclosure of all relevant information necessary for the AMLC to properly process the requests.

The request should contain a description of the suspicious activities under analysis and the basis for the suspicion; and details of the persons or companies involved as well as the transactions and the accounts used.

It should also contain the information requested and the purpose for which it will be used; and range of the period to be analyzed.

Likewise, AMLC and BIR shall cooperate in the areas of information exchange and capacity building measures to enhance their capability in addressing the said unlawful activities.

The AMLC is the primary government agency mandated by law to implement and enforce the Anti-Money Laundering Act of 2001, as amended, and the Terrorism Financing Prevention and Suppression Act of 2012.

These laws were issued to ensure that the Philippines shall not be used as money laundering haven for the proceeds of any unlawful activity to protect the life, liberty and property from acts of terrorism by condemning terrorism and those who support and finance it.

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