AMLC gets new executive director

A former deputy director of the Bangko Sentral ng Pilipinas (BSP) has been named as the new executive director of the Anti-Money Laundering Council (AMLC).

In a statement on Friday, the AMLC Secretariat said the BSP's Monetary Board confirmed the appointment of Mel Georgie Racela as executive director after he was appointed by the council.

Racela is replacing Julia Bacay-Abad, who resigned amid criticisms by President Rodrigo Duterte that was supposedly uncooperative with the National Bureau of Investigation (NBI) in investigating suspected drug criminals. 

He was designated as officer-in-charge of the AMLC Secretariat from February 1 to July 31 following Abad's resignation.

Prior to joining the AMLC Secretariat, Racela served as deputy director for Special Projects and Reports Group of the BSP Office of Supervisory Policy Development.   

"Under Atty. Racela’s leadership, the secretariat’s investigations were aligned with the national campaign against drug trafficking, counter-financing of terrorism, and graft and corruption," the AMLC Secretariat noted.

"Vital administrative changes were also initiated to maximize the AMLC’s investigative and legal capabilities," it added.

Recently, the AMLC adopted rules on the imposition of administrative sanctions on covered persons, with casinos now deemed as “covered person” under the amended Anti-Money Laundering Act.   

"His goals are to align policies and rules with international standards and to firmly enforce the law and the rules while nurturing a culture of compliance among covered persons," the AMLC Secretariat said.

"He aims to elevate the country’s international ratings, such as those made by the Financial Action Task Force," it added. — Ted Cordero/VDS, GMA News