antimoneylaunderingcouncil

Expert Speak: Atty. Mel Georgie B. Racela, Anti-Money Laundering Council Secretariat

Course Duration: 13 minutes
Course Points: 10

Atty. Mel Georgie B. Racela, Executive Director, Anti-Money Laundering Council Secretariat divided his presentation into three parts:

  1. Amendments to the 2018 implementing rules and regulations (IRR), the majority of which are based on the recommendations contained in the 3rd round of ME report.
  2. Sanctions Guidelines, issued to improve the low level of Effectiveness under Immediate outcome (IO) 10 (Terrorist Financing Preventive Measures and Financial Sanctions), FATF Recommendation 6, in relation to Immediate Outcome 10 and to meet International Best Practice.
  3. Enforcement Guidelines, used when circumstances surrounding the non-compliance warrant a less severe form of supervisory action and the CPs exhibit willingness to voluntarily address compliance issues within a reasonable period of time and without the necessity of referral of an ROC to the LEG under the RPAC.

This presentation was part of the AMLC-Fintelekt AML/CTF Summit Philippines 2020, conducted virtually from November 23rd – 27th, 2020.

Expert Speak: Atty. Mel Georgie B. Racela, Anti-Money Laundering Council Secretariat

Course Duration: 13 minutes
Course Points: 10

The 2nd National Risk Assessment (NRA) of Philippines found that the level of national money laundering threat is high, arising from the predicate crimes of drug trafficking, graft and corruption, fraud, tax crimes, smugglings, Intellectual Property violations, illegal manufacturing and possession of firearms, ammunition and explosives, and environmental crimes. Atty. Mel Georgie B. Racela, Executive Director, Anti-Money Laundering Council Secretariat talked about the NRA’s findings, coupled with risk mitigation AML/CTF strategies and initiatives.

This presentation was part of the AMLC-Fintelekt AML/CTF Summit Philippines 2020, conducted virtually from November 23rd – 27th, 2020.

Expert Speak: Benjamin E. Diokno, Bangko Sentral ng Pilipinas

Course Duration: 7 minutes
Course Points: 5

Benjamin E. Diokno, Ph.D., AMLC Chairman, Governor of the Bangko Sentral ng Pilipinas shares what to expect from the AMLC-Fintelekt AML/CTF Summit Philippines 2020. He also discussed the latest Mutual Evaluation Report and the key gaps identified by Financial Action Task Force (FATF) in the AML/CTF system in the Philippines and the recommended areas of action.

This presentation was part of the AMLC-Fintelekt AML/CTF Summit Philippines 2020, conducted virtually from November 23rd – 27th, 2020.

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