AMLC teams up with BSP, NBI, and PNP in order to curb vote selling and vote buying.
AMLC — The Anti-Money Laundering Council teamed up with the Bangko Sentral ng Pilipinas (BSP), National Bureau of Investigation (NBI), and Philippine National Police (PNP) in order to curb vote selling and vote buying as the Philippines faces another general election this May.
During Wednesday’s “Laging Handa” public briefing, AMLC Executive Director Mel Georgie Racela said that the central bank initiated this activity in coordination with the Commission on Elections (COMELEC) and they needed the assistance of law enforcement agencies like the NBI and the PNP.
Racela also said that they have signed a memorandum of agreement (MOA) with the NBI and the PNP for information sharing, and with the central bank to provide assistance to law enforcement agencies.
READ ALSO: BSP Tells Banks To Clamp Down On Digital Vote Selling, Vote Buying
According to Racela, AMLC investigators may face criminal and administrative sanctions should they fail to mark red flags on digital money transactions.
“Pero on the part po of AMLC, kung sila po ay very obvious na maraming red flag indicators ngunit hindi sila nag-analyze or nag-request ng additional information, na hindi sila nag-file ng suspicious transaction reports sa AMLC, ito po ay pwede maging basehan para po’y sila ma-impose-an ng both administrative sanction and criminal sanction po,” Racela said.
Racela added that some of the red flag indicators that could be used as grounds for filing suspicious transaction reports to the Anti-Money Laundering Council include the following:
- an individual uses multiple accounts
- single large cash deposit followed by multiple transfers and withdrawals
- customer transaction is not consistent with his/her previous financial profile
- a significant number of transactions occurring in a short period of time
The campaign period for the 2022 elections started on February 8 for national candidates and will begin on March 25 for local candidates.
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