AMLC teams up with BSP, PNP, NBI to curb vote-buying, vote-selling
MANILA, Philippines — The Anti-Money Laundering Council (AMLC) teamed up with the Bangko Sentral ng Pilipinas (BSP), Philippine National Police (PNP), and National Bureau of Investigation (NBI) to curb vote-buying and vote-selling as the nation faces another general election this May.
“Si Bangko Sentral ng Pilipinas po ang nag-initiate ng activity na ito in coordination with the Commission on Elections or Comelec and syempre kailangan din po natin ng assistance ng law enforcement agencies like the PNP and the NBI and other law enforcement agencies,” AMLC Executive Director Mel Georgie Racela said during Wednesday’s Laging Handa public briefing.
(Bangko Sentral ng Pilipinas initiated this activity in coordination with Comelec and of course, we need the assistance of law enforcement agencies like the PNP and the NBI.)
He added that they have signed a memorandum of agreement with the PNP and NBI for information sharing, and with the BSP to provide assistance to law enforcement agencies.
Racela said AMLC investigators may face administrative and criminal 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,” he said.
(But, on the part of AMLC, if it is obvious that there are several red-flag indicators and our investigators did not analyze, request for additional information, or file suspicious transaction reports, it could be a basis to impose an administrative sanction and criminal sanction against them.)
According to Racela, some of the red flag indicators that could be used as grounds for filing suspicious transaction reports to AMLC, include:
- single large cash deposit followed by multiple transfers and withdrawals
- customer transaction is not consistent with his/her previous financial profile
- an individual uses multiple accounts
- a significant number of transactions occurring in a short period of time
The campaign period for the elections on May 9 started on February 8 for national candidates. It will begin on March 25 for local candidates.