Money laundering is the process of illegally concealing the origin of money,obtained from illicit activities such as drug trafficking,corruption,embezzlement or gambling,by converting it into a legitimate source. It is a crime in many jurisdictions with varying definitions. It is usually a key operation of organized crime.
The Bangko Sentral ng Pilipinas is the central bank of the Philippines. It was established on July 3,1993,pursuant to the provision of Republic Act 7653 or the New Central Bank Act of 1993 as amended by Republic Act 11211 or the New Central Bank Act of 2019. The principal author was Senator Franklin Drilon. It was signed by President Rodrigo Duterte.
Rafael Carlos Baltazar Buenaventura was a prominent banker in the Philippines who served as the second Governor of the Bangko Sentral ng Pilipinas;he served under two Philippine presidents during one of the most tumultuous political transitions in the country's history.
Teofisto "TG" de Lara Guingona III,or more commonly known as "TG" is a lawyer and the son of former Vice President Teofisto "Tito" Guingona,Jr. He was a Congressman of the 2nd District of Bukidnon during the 13th and 14th Congress from 2004 to 2010 and a Senator of the Philippines during the 15th and 16th Congress from 2010 to 2016.
Benjamin Estoista Diokno is a Filipino economist currently serving as the 32nd Secretary of Finance under the administration of President Ferdinand "Bong Bong" Marcos Jr. since June 30,2022. He previously served as Secretary of Budget and Management under the administration of President Rodrigo Duterte from 2016 to 2019,and under President Joseph Estrada from 1998 until the latter's ouster in 2001. He also served as the governor of the Bangko Sentral ng Pilipinas and ex officio chairman of the Anti-Money Laundering Council from 2019 to 2022 under President Duterte and undersecretary for Budget Operations of the Department of Budget and Management from 1986 to 1991 under President Corazon Aquino. From 2020 to 2021 during the COVID-19 pandemic,Diokno became the highest paid public officer in the Philippines.
Raymond W. Baker is an American businessman,scholar,author,and "authority on financial crime." He is the founder and president of Global Financial Integrity,a research and advocacy organization in Washington,DC working to curtail illicit financial flows.
The Directorate of Enforcement (ED) is a domestic law enforcement agency and economic intelligence agency responsible for enforcing economic laws and fighting economic crime in India. It is part of the Department of Revenue,Ministry of Finance,Government Of India. The Enforcement Directorate focuses on investigating and prosecuting cases related to money laundering,foreign exchange violations,and economic offenses. Its primary objective is to curb the generation and circulation of black money and to ensure compliance with the laws concerning foreign exchange and prevention of money laundering. However,targets of the enforcement directorate have claimed that the they misuse powers against activists,scholars,and political rivals.
Cayetano "Dondon" Paderanga Jr. was a Filipino economist and former Director-General of the National Economic and Development Authority (NEDA),a cabinet-level agency of the Philippine government responsible for economic development and planning.
Dante B. Canlas is a Filipino economist and a professor at the UP School of Economics at the University of the Philippines Diliman. He served as Socio-Economic Planning Secretary and concurrently Director-General of the National Economic and Development Authority from 2001 to 2002 under President Gloria Macapagal Arroyo. Dr. Canlas was also the Executive Director of the Asian Development Bank (ADB) for Kazakhstan,Maldives,Marshall Islands,Mongolia,Pakistan,and the Philippines from 2003 to 2004.
Amando Maglalang Tetangco Jr. is a Filipino banker,who served as the third Governor of the Bangko Sentral ng Pilipinas (BSP). He was the first BSP governor to serve two terms,having been first appointed to the office by Philippine president Gloria Macapagal Arroyo in July 4 2005,and reappointed in July 31,2011 by President Benigno Aquino III to serve another six-year term.
Arsenio Molina Balisacan is a Filipino economist and academician currently serving as the Secretary of the National Economic and Development Authority (NEDA). Balisacan first served as the NEDA Secretary from May 2012 to January 2016 under the Benigno Aquino III administration. He then served under the Duterte administration as the Chairperson of the Philippine Competition Commission from February 1,2016 to June 30,2022. He was again appointed as NEDA Secretary under the Bongbong Marcos administration. During his first term in 2012,he concurrently served as NEDA Secretary and as Chairman of the Boards of the Philippine Statistics Authority,Philippine Institute for Development Studies,Philippine Center for Economic Development,and Public-Private Partnership Center.
The Anti-Money Laundering Council (AMLC) is the agency of the Government of the Philippines that is tasked to implement the provisions of Republic Act No. 9160,also known as the “Anti-Money Laundering Act of 2001”(AMLA),as amended,and Republic Act No. 10168,also known as the “Terrorism Financing Prevention and Suppression Act of 2012”(TFPSA).
The Qatar Financial Information Unit (QFIU) is a Qatari government regulatory agency responsible for financial intelligence efforts to combat money laundering and financing of terrorism. Like other national Financial Intelligence Units (FIU) around the world,it requires banks,investment companies,insurers and other financial institutions to report suspicious financial transactions. QFIU then analyzes the information and disseminates the relevant data to law enforcement authorities for further investigation and action.
The Bangladesh Bank robbery,also known colloquially as the Bangladesh Bank cyber heist,was a theft that took place in February 2016. Thirty-five fraudulent instructions were issued by security hackers via the SWIFT network to illegally transfer close to US$1 billion from the Federal Reserve Bank of New York account belonging to Bangladesh Bank,the central bank of Bangladesh. Five of the thirty-five fraudulent instructions were successful in transferring US$101 million,with US$81 million traced to the Philippines and US$20 million to Sri Lanka. The Federal Reserve Bank of New York blocked the remaining thirty transactions,amounting to US$850 million,due to suspicions raised by a misspelled instruction. As of 2018,only around US$18 million of the US$81 million transferred to the Philippines has been recovered,and all the money transferred to Sri Lanka has since been recovered. Most of the money transferred to the Philippines went to four personal accounts,held by single individuals,and not to companies or corporations.
Ernesto del Mar Pernia is a Filipino economist,writer and professor emeritus at the University of the Philippines School of Economics. He formerly served as Director-General of the National Economic and Development Authority and Secretary of Socioeconomic Planning under the Duterte administration from 2016 to 2020.
The Governor of the Bangko Sentral ng Pilipinas is the chief executive officer of the Bangko Sentral ng Pilipinas,the Philippines' central bank. This position succeeds and replaces the earlier post of Governor of the Central Bank of the Philippines.
Nestor Aldave Espenilla Jr. was a Filipino banker who served as the fourth governor of the Bangko Sentral ng Pilipinas (BSP) from 2017 until his death in 2019. He began working for the BSP in 1981 and was a deputy governor under his predecessor Amando Tetangco Jr.
Karl Kendrick Tiu Chua is a Filipino economist who served as the Director-General of the National Economic and Development Authority (NEDA) and Secretary of Socioeconomic Planning under the Duterte administration from 2021 to 2022. He was appointed by President Rodrigo Duterte as acting secretary in April 2020,and became the official secretary on June 2,2021,succeeding Ernesto Pernia. A former World Bank senior economist,he previously served as an undersecretary of the Department of Finance.
Eli M. Remolona Jr. is a Filipino economist who is currently the governor of the Bangko Sentral ng Pilipinas,central monetary authority of the Philippines,and the ex officio chairman of the Anti-Money Laundering Council,the central anti-money laundering/counter-terrorism financing authority of the Philippines,under the Marcos administration since July 3,2023.
