BIR, AMLC partner to boost anti-money laundering efforts
THE BUREAU of Internal Revenue (BIR) has signed a memorandum of agreement with the Anti-Money Laundering Council (AMLC) to ramp up its efforts against illicit activities. “The AMLC and BIR shall cooperate in the areas of information exchange...
OFW Today Syndicated News 
THE BUREAU of Internal Revenue (BIR) has signed a memorandum of agreement with the Anti-Money Laundering Council (AMLC) to ramp up its efforts against illicit activities.
“The AMLC and BIR shall cooperate in the areas of information exchange and capacity building measures to enhance their capability in addressing the said unlawful activities,” the BIR said in a statement on Tuesday.
The agreement aims to “promote and encourage cooperation and coordination to effectively prevent, control, detect, investigate and prosecute money laundering activities, terrorism financing and unlawful activities in the country.”
Under the agreement, the AMLC may enlist the BIR’s assistance in the detection and investigation of money laundering activities and other violations of the Anti-Money Laundering Act.
The BIR can likewise request for financial information, including bank records.
The AMLC is the primary government agency that protects the confidentiality of bank accounts and ensures that the Philippines will not be used as a money laundering site.
It is mandated by law to implement and enforce the AMLA, as amended, and the Terrorism Financing Prevention and Suppression Act of 2012. — Luisa Maria Jacinta C. Jocson
