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RP, Malaysia sign antidirty money pact |
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By: Maricel E. Burgonio
The Manila Times, Thursday, August 05, 2004 THE Antimoney Laundering Council and the Bank of Negara in Malaysia signed a memorandum of agreement Wednesday to facilitate the investigation and prosecution of persons or companies suspected of being involved in money laundering and criminal activities. Vicente Aquino, AMLC executive director, said the AMLC’s partnership with the finance intelligence unit of Malaysia is one of the efforts of the country to be delisted in the list of noncooperative countries of the Paris-based watchdog Financial Action Task Force (FATF). Under the pact, the authorities will cooperate on the basis of reciprocity to gather, develop and analyze information and documents in their possession concerning financial transactions suspected of being related to money laundering or criminal activities connected with money laundering, and financing of other criminal activities related to terrorism. Also, the authorities will exchange spontaneously or upon request available financial intelligence that may be relevant to the investigation by authorities in money laundering cases. “This MOU with the Bank of Negara will install the legal elements of antimoney laundering regime in our respective countries and its implementation will remain a challenge,” Aquino said. He cited previous efforts of the AMLC which has assisted the United Kingdom to confiscate about $1 million in funds in a UK bank, which the Sussex Police claimed as the largest single confiscation to date in UK. The Philippines is one of the six countries in the FATF’s list of noncooperative countries, including Nauru, Myanmar, Indonesia, Cook Islands and Nigeria. Guatemala was delisted from the plenary meeting of FATF in June this year. |
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