The Mediating Role of AMLA towards Building a Sustainable Philippine Financial Industry 13

Abstract

European Union (EU), United Nations (UN), Financial Action Task Force (FATF) and other international organizations had been working together to combat financial crimes specifically on money laundering. News and intelligence units corresponded that Philippines had been part of the unlawful activity. Contrariwise, the said country put up its ruling body to monitor, comply,and evaluate financial industries in adherence to anti money laundering act. The study will use a secondary data from linked government agencies and other related literature. Official statistics of quantitative method and further case analysis and descriptive method of qualitative research will also be utilized. Philippine Financial Industries portray a very critical role in modern age. Customers’ mistrust, bribery, corruption, trafficking, terrorism, slow economic and other negative reflection jive in financial institutions due to money laundering that happens domestically and internationally. Some of the concurrences of AMLA are still in process for amendment, revision, and application because of several connections to anti-money laundering. Though Anti-Money Laundering Council (AMLC) was put up on a latter years, there are resolutions in place. Since technology advances in solving crimes, for example, alarm system is used for theft and robbery, CCTV for data gathering and identification of suspects. For banking and finance, it uses technological databases in coordination with foreign body. Furthermore, the research will discuss the mediating role of Anti-Money Laundering Act towards building a sustainable Philippine Financial Industry.