The Philippines will undergo the third round of mutual evaluations this year to gauge its compliance with international anti-money laundering and combating the financing of terrorism standards, the Anti-Money Laundering Council said Thursday.
The Executive Secretary designated AMLC, the country’s financial intelligence unit, as the lead agency for the 2018 mutual evaluation and asked all departments, bureaus, offices and agencies of the executive branch, including government financial institutions and government-owned or -controlled corporations to actively participate and extend necessary assistance.
AMLC also led the second National Risk Assessment Report last year, covering the years 2015 and 2016. Participants included stakeholders from government and law enforcement agencies and private sector institutions.
The second NRA evaluated the overall threat and effectiveness of the country’s AML/CFT mechanisms and the report will be one of the instruments to be assessed during the mutual evaluation process.
The process consists of two phases”•the technical compliance assessment and the effectiveness assessment. The first phase involves submission of the report of technical compliance to check whether existing laws, regulations, legal issuances and enforceable means comply with the Financial Action Task Force 2 standards and criteria.