The Anti-Money Laundering Council (AMLC) and the Bangko Sentral ng Pilipinas (BSP) are working with a British organization on a training program to assist the effective roll-out of the amendments to the Anti-Money Laundering Act (AMLA).

The training course, conducted by British non-governmental organization GovRisk, is being held on November 26 to 29 at the BSP Complex in Manila.

Commissioner Emmanuel Dooc of the Insurance Commission delivered the keynote address on behalf of BSP Governor Amando Tetangco during the opening on Monday. Citing that 2.7 percent of global GDP is laundered money, Tetangco expressed appreciation for the support of the UK in bringing experts to help boost the capacity of the implementing agencies of the Philippine government in the fight against money laundering and terrorist financing.

The course will support the Philippine government’s compliance to the recommendations made by the Organization for Economic Cooperation and Development (OECD) to avoid the organization’s blacklist and eventually help them move from the grey to the white list.

Steph Lysaght, first secretary at the British Embassy Manila, explained that this project is part of the UK’s efforts to help fight corruption and terrorist financing worldwide, including in the Philippines.

“By ensuring that proceeds of corruption are discovered and recovered, the Philippines will be able to better deliver public services. Additionally, blocking access to funds for terrorist activities leads to greater peace and security not just in the Philippines but the Asia Pacific region,” he said.

“I’m very pleased to be here today and be able to welcome the steps that the Government of the Philippines has taken. I know that everyone is waiting for the passage of the third and final amendment to the anti-money laundering act. We hope that it will be passed. The anti-corruption initiatives are a big part of why there is increased interest from companies to work in the Philippines” he added.

The training course is funded by the UK government and covers Malaysia, Cambodia, Indonesia and the Philippines. Among those participating are representatives of various government agencies for the relevant bodies detecting, enforcing and prosecuting money laundering and terrorist financing. Among the topics for discussion are proliferation financing, forensic investigation and national risk assessment.

The economic relationship between the Philippines and the UK is strong. Total trade in goods and services between the UK and the Philippines in 2011 amounted to £1.2 billion with the Philippines selling £700 million to the UK. The Philippines is an increasingly important trade as goods trade increased by around 10 percent from January to September of this year compared to the same period in 2011.

According BSP’s data, the UK is the top cumulative investor in the Philippines from 1999-2010, ranking first in portfolio investment and third in direct investment.

The UK has strongly supported economic governance work in the Philippines. In the past five years, the UK government has supported work on Extractive Industries Transparency Initiative, capacity building on Public-Private Partnerships, local government’s revenue collection and expenditure transparency, trade negotiations, and Islamic finance.

Among the agencies participating in the course are: Anti-Money Laundering Council; Anti-Terrorism Council; Bangko Sentral ng Pilipinas; Bureau of Customs; Bureau of Immigration; Department of Justice; Insurance Commission; National Bureau of Investigation; Office of the Ombudsman; Office of the President; Office of the Solicitor General/Philippine Centre on Transnational Crime; Philippine Drug Enforcement Agency; Philippine National Police and Securities and Exchange Commission.

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