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Manila Bulletin devider Business devider BIR, AMLC unite against tax evasion, money laundering

BIR, AMLC unite against tax evasion, money laundering

Published Sep 2, 2024 12:58 am

The Bureau of Internal Revenue (BIR) is gearing up to strengthen interagency cooperation and coordination to effectively combat tax evasion and money laundering.

BIR Commissioner Romeo D. Lumagui Jr. said it is necessary to enhance collaboration with the Anti-Money Laundering Council (AMLC) amid the increasingly sophisticated tax evaders.

On Aug. 29, Lumagui met with AMLC Executive Director Matthew M. David and other officials to discuss strategies for fostering cooperation between their agencies.

"Tax evaders are now using sophisticated ways of evading taxes and storing their illegal wealth,” Lumagui said in a statement on Monday, Sept. 2.

An example of a sophisticated tax evasion scheme mentioned by Lumagui is the use of "ghost receipts."

According to the BIR chief, buyers utilize these receipts to illegally decrease their tax liabilities, as the sellers or issuers lack legitimate business activities.

These sellers are often mere shell companies set up solely to generate receipts, allowing buyers to inflate their expenses and undermining the integrity of our financial system, he said.

“This interagency cooperation between the BIR and the AMLC will pave the way for future investigations on tax evasion and money laundering. The law is clear, all sources of income, whether from legal or illegal means, are taxable," Lumagui stated.

“The BIR and the AMLC will work hand-in-hand to run after criminals engaged in violations of our tax and anti-money laundering laws. These two agencies are uniquely situated because their expertise in catching tax evaders and money launderers complement each other,” the agency added.

Last week, David said AMLC was planning to implement an artificial intelligence (AI) system to improve the detection and monitoring of money laundering activities in the country.

READ: AMLC to use AI against money laundering activities

The AI project is currently in development and is expected to be completed by the end of this year. Once completed, AMLC will begin procuring an annual subscription for the AI system, which is estimated to cost more than P50 million.

David said that the annual subscription will form the largest part of AMLC's ICT budget for the upcoming year.

AMLC has partnered with a local IT firm, MDI, in a joint venture with Tiger Inc.

The decision to utilize AI for monitoring money laundering follows a report from the Financial Action Task Force (FATF) in June, which placed the country on its “grey list,” emphasizing the immediate need for enhanced anti-money laundering and counter-terrorism financing measures.

Related Tags

Bureau of Internal Revenue (BIR) BIR Commissioner Romeo D. Lumagui Jr. Anti-Money Laundering Council (AMLC)
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