THE Philippine Drug Enforcement Agency (PDEA) and Anti-Money Laundering Council (AMLC) signed on Tuesday, March 5, a memorandum of agreement (MOA) to strengthen their partnership on financial investigation against money launderers.
The MOA signing was led by PDEA Director General Aaron Aquino and AMLC Executive Director Mel Georgie Racela at the PDEA headquarters in Quezon City.
Under the agreement, PDEA and AMLC pledged to cooperate in the areas of information exchange and capacity building measures, including the exchange of studies, researches, information on current, new and emerging trends and typologies in money laundering and terrorism financing, which includes joint trainings of their personnel to ensure the inter-operability of their agencies.
They also agreed to include terrorism financing as a predicate offense and subject to the common provisions of assistance, establish a feedback mechanism in order to enable parties to monitor effectiveness and improve on the information shared, designation of focal persons to facilitate enhanced coordination and cooperation and strict confidentiality of information shared.
"In general, the MOA focused more on the actual coordination process and requirements of and from each party in rendering support to combat money laundering activities in relation to illegal drugs," said Aquino.
"Aside from financing terrorism, laundered money comes from the production and trafficking of dangerous drugs, while banks and other regulated entities have become conduits for laundering drug money. Drug lords hide their profits to make it appear they were acquired through legitimate means. We need to track down their drug money trail and prevent them from using their affluence and influence to evade punishment," he added.
Aquino said PDEA may request for financial information in support to an ongoing investigation to any violations of the anti-drug law, while the AMLC may enlist the assistance of PDEA in the detection and investigation of money laundering activities and other violations of the Anti-Money Laundering Act.
PDEA said in 2018 alone, it referred 75 cases involving at least 166 confirmed and alleged drug personalities that need financial investigation.
However, the AMLC said from 2011 to 2018, it ordered the freezing of a total of P2.037 billion worth of assets, including local and foreign currencies, real estate properties, motor vehicles and firearms that stemmed from the referral of the PDEA.
"The efforts and resources used by PDEA in tracking down and arresting illegal drug dealers and manufacturers will definitely go for naught if we cannot freeze the assets of these criminals while they are being prosecuted," said Aquino.
"We cannot go on arresting and filing the cases while the drug lords are freely using drug money to buy their way out of prison," he added. (VoxPop Philippines)