Multi agency body tracks dirty money

In this era where data is gold and financial fraud, including cyber fraud, looms large— collaboration between the SEC and law enforcement is not just beneficial; it’s imperative.

Government’s efforts against money laundering and terrorism financing has been strengthened through data sharing agreements, or DSAs, among the Securities and Exchange Commission, or SEC and eight law enforcement agencies.

Signatories to the DSAs include the Philippine Drug Enforcement Agency, Insurance Commission, Cagayan Economic Zone Authority, National Bureau of Investigation, Department of Justice, Philippine Center on Transnational Crime, Department of Agriculture, Intelligence Service of the Armed Forces of the Philippines, and the Philippine Economic Zone Authority.

“In this era where data is gold and financial fraud, including cyber fraud, looms large—collaboration between the SEC and law enforcement is not just beneficial; it’s imperative,” SEC chairperson Emilio Aquino said during a ceremonial signing on Friday.

“First and foremost, sharing corporate data with law enforcement is a powerful tool in combating crime. By providing law enforcement agencies access to pertinent data, we empower them to investigate and apprehend these perpetrators swiftly and effectively,” he added.

Since 2022, the SEC has inked DSAs with various governmental bodies, such as the Bureau of Internal Revenue, Bureau of Immigration, Department of Trade and Industry-Strategic Trade Management Office, National Intelligence and Coordinating Agency and Philippine Amusement and Gaming Corporation.

Checks include firms

The list also includes the Government Procurement Policy Board, the Philippine National Police and the Department of the Interior and Local Government.

The adoption of these agreements has led to requests for beneficial owner information for over 5,400 corporations and individuals.

Beneficial owners of a corporation are distinct from legal owners, who are natural or juridical persons who, according to the law, possess or exercise controlling ownership interests in the corporation or have the capacity to make and enforce pertinent decisions within it.

Sharing beneficial ownership data aligns with the recommendations of the Financial Action Task Force, an intergovernmental anti-money laundering and counter-terrorist financing organization that establishes international standards to combat such illegal activities.