Former Bangko Sentral ng Pilipinas deputy director Mel Georgie Racela has been named as the new executive director of the Anti-Money Laundering Council, the Monetary Board confirmed Friday.
“Under Atty. Racela’s leadership, the secretariat’s investigations were aligned with the national campaign against drug trafficking, counter-financing of terrorism, and graft and corruption,” the AMLC Secretariat said in a Sept. 1 statement.
“Vital administrative changes were also initiated to maximize the AMLC’s investigative and legal capabilities,” it added.
Racela, who was designated as AMLC Secretariat officer-in-charge from Feb. 1 to July 31, would replace Julia Bacay-Abad, who had previously resigned after President Rodrigo Duterte accused her of refusing to cooperate with the National Bureau of Investigation in investigating suspected drug criminals.
Prior to joining the AMLC Secretariat, Racela served as deputy director for Special Projects and Reports Group of the BSP Office of Supervisory Policy Development.
Recently, the AMLC adopted rules on the imposition of administrative sanctions on covered persons, with casinos now deemed as “covered person” under the amended Anti-Money Laundering Act.
“His goals are to align policies and rules with international standards and to firmly enforce the law and the rules while nurturing a culture of compliance among covered persons,” the AMLC Secretariat said.
“He aims to elevate the country’s international ratings, such as those made by the Financial Action Task Force,” it added.