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PRESIDENTIAL ANTI-GRAFT COMMISSION (PAGC) 

PRESS RELEASE

January 18, 2007 

PAGC, AMLC JOIN FORCES TO GO AFTER ILL GOTTEN WEALTH 

In a bid to further intensify its anti-corruption efforts, the Presidential Anti-Graft Commission (PAGC) has teamed up with the Anti-Money Laundering Council (AMLC) through a Memorandum of Agreement (MOA) to help trace and block money trails of organized crime and corruption. The MOA was signed today at the Executive Building, Malacañan.   

The MOA aims to encourage cooperation and coordination between the two agencies to effectively prevent, control, detect and investigate unlawful activities of entities managing securities or rendering services as investment agent, advisor or consultant,   especially when committed by erring public officials and/or employees, including private individuals who may have conspired with them, and money laundering activities in the Philippines and in those countries where AMLC has agreed access and sharing of sensitive information pertaining to ill gotten wealth. 

“The MOA signing today marks our determination to clean the government system from corrupt officials and individuals who may have connived in an illegal transaction. We hope to build a stronger partnership towards the fight against graft and corruption and money laundering in the country,” de Guzman said. 

Both parties pledged to diligently cooperate in the areas of information exchange and capacity building to enhance their capability in addressing graft and corruption and money laundering activities. 

The newly signed accord highlights the following provisions: enlisting of the assistance of each other in handling cases of financial transactions involving money laundering or any unlawful activities, and exchange of information, studies, researches, and data on current, new and emerging trends in money laundering.  

Under the covenant, PAGC will also assist the AMLC in securing the requisite court orders in money-laundering related cases being investigated by the Anti-Graft Commission in order to facilitate the inquiry or examination of any particular deposit or investment with any banking institution or non-bank financial institution subject to AMLC investigation. 

“We are confident that this will add more teeth in our fight against graft and corruption. The MOA will augment the existing internal anti-graft mechanisms established by the AMLC and at the same time, will empower PAGC to help build a quality and air tight case. Let this serve as an early warning to all who wish to tempt government officials that with today’s technologies in place there is no longer a safe haven in the world for ill gotten wealth,” de Guzman closes. 

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