Cooperation between The Intellectual Property Office of the Philippines and the Anti-Money Laundering Council
As the latest effort to encourage international financial institutions to stop de-risking and burdening Philippine-related transactions with unnecessary monitoring, the Intellectual Property Office of the Philippines and the Anti-Money Laundering Council have formed a collaboration.
The Anti-Money Laundering Council (AMLC)
The Anti-Money Laundering Council (AMLC) was created to protect the integrity and confidentiality of bank accounts and to ensure that the Philippines shall not be used as a money-laundering site for the proceeds of any unlawful activity.
The Anti-Money Laundering Council’s goal is to become a world-class financial intelligence unit that will help establish and maintain an internationally compliant and effective anti-money laundering regime that will provide the Filipino people with a sound, dynamic, and strong financial system in an environment conducive to the promotion of social justice, political stability, and sustainable economic growth. To reach this goal, the AMLC shall, without fear or favor, investigate and cause the prosecution of money laundering offenses.
Stop de-risking and burdening Philippine-related transactions
IPOPHL Director General Rowel S. Barba has stated that “De-risking may deny Philippine enterprises and nationals of financial services that would allow them to survive and recover from the current crisis.”
According to the Financial Action Task Force (FATF), the Paris-based “dirty money” guardian, this de-risking approach may push de-risked companies to pursue unregulated financing channels. Instead, the FATF encourages financial institutions to follow its recommended risk-management approach.
Barba has further added: “As a member of the FILEPSC (Financial Intelligence, Law Enforcement, and Prosecution Sub-Committee), IPOPHL continues to strengthen the fight against counterfeiting and piracy, which have been identified as sources of money laundering and financing of organized criminal groups around the world.”
With regards to the problem of counterfeiting happening across the globe, IPOPHL is hoping to re-establish contact with financial payment gateways and law enforcement agencies this year.
There is much needed to be done, such as filing and completing the gaps in tracking “dirty money” flow, onboarding processes that assure the validity of partners and transactions, and IP crime investigations and enforcement.
As these actions have been put to a halt for a long period of time, Barba has stated: “To overcome these gaps, we look forward to extending our relationship and synergy with payment gateways and LEAs.”
IPOPHL Director General also stated that IPOPHL is currently working on a coordination mechanism with the National Privacy Commission to expedite data exchange between IPOPHL, payment gateways, and LEAs, which will be crucial for capturing IP criminals and taking action against them.
“This year, we aim to achieve our collaborative goals and see our efforts pay off.”
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