MEMORANDUM OF UNDERSTANDING BETWEEN THE ANTI-MONEY LAUNDERING COUNCIL (AMLC), THE FINANCIAL INTELLIGENCE UNIT OF THE REPUBLIC OF THE PHILIPPINES AND THE MINISTRY OF FINANCE, FIN…
To those ends, they have reached the understanding set forth below:
1. Scope of Cooperation
The Authorities will cooperate, on the basis of reciprocity, to gather, develop and analyze information and documents in their possession concerning financial transactions suspected of being related to money laundering or criminal activities connected with money laundering and financing of terrorism. To that end, the Authorities will exchange spontaneously or upon request available financial intelligence that may be relevant to the investigation by the Authorities into financial transactions related to money laundering and financing of terrorism and the persons or companies involved, subject to the requirements of their respective national legislation.
2. Requests for Financial Intelligence
The requesting Authority should disclose to the requested Authority at a minimum the reason for the request, the purpose for which the information will be used and enough information to enable the receiving Authority to determine whether the request complies with its domestic law.
3. Uses of Financial Intelligence
- The information or documents obtained from the respective Authorities will not be disseminated to any third party, nor be used for administrative, prosecutorial or judicial purposes without prior consent of the disclosing Authority.
- Financial intelligence exchanged between the Authorities shall be used only for the specific purpose/s for which the financial information was sought or provided.
- The receiving Authority may use the information only in respect of criminal matters described in the request, in case a request has been made, and only for intelligence purposes, including developing leads and focusing investigative resources.
- It is understood that the information or documents obtained in accordance with this Memorandum will not be used as evidence in any proceedings without prior consent of the disclosing Authority.
4. Disclosure of Financial Intelligence
The Authorities will not permit the use or release of any information or document obtained from the counterpart Authority for purposes other than those stated in this Memorandum, without the prior consent of the disclosing Authority.
5. Confidentiality of Financial Intelligence
The financial intelligence acquired in application of this Memorandum and the fact that the information was provided should be kept confidential. It shall be protected by the same confidentiality as provided by the national legislation of the receiving Authority for similar information from national sources.
6. Capacity Building
In addition to exchange of financial intelligence, the Authorities will cooperate in other ways. This may include the exchange of general information regarding money laundering and other criminal activities related to money laundering, including analysis of financial data and exchange of studies, researches and information on current, new and emerging trends and typologies in money laundering.
7. Refusal of Providing Financial Intelligence
The Authorities are under no obligation to give assistance if they determine that the release of the information or documents requested may unduly prejudice an investigation or proceeding in the country of the requested Authority, or if judicial proceedings have already been initiated concerning the same facts as the request is related to, or if provision of such information would be likely to prejudice the sovereignty, security, national interest or other essential interests of the requested Authority or if the assistance would be contrary to the domestic legal system of the requested Authority.
8. Language of Requests
Communication between the Parties will take place in English.
9. Maintenance of Audit Trail
Each of the Authorities will ensure that an effective audit trail is maintained in respect of any information supplied under the terms of this Memorandum.
10. Working Meetings and Consultations
- The Authorities will jointly arrange, consistent with the legislation of their respective countries, for acceptable procedures of communication and will consult each other with the purpose of implementing this Memorandum; and
- If necessary, representative/s of the Authorities will hold working meetings and consultations in order to discuss how to reinforce the cooperation within this Memorandum, and make it more efficient.
11. Effective date; Amendment; Termination
- The Authorities will communicate their approval of this Memorandum by exchange of note and it will take effect on the date of the last notification.
- This Memorandum may be amended at any time, in writing, as mutually arranged by the Authorities. The Authorities will communicate their approval of these amendments by exchange of note and it will take effect on the date of the last notification.
- Either Authority may terminate this Memorandum of Understanding by 30 days notice in writing to the other Authority.
- The provisions stipulated in Articles 3, 4 and 5 of this Memorandum shall continue to bind the Authorities notwithstanding the termination of the Memorandum.
This Memorandum is signed in four copies in the English language, all of which are considered original copies.
For the For the Anti-Money Laundering Council (AMLC),
the Financial Intelligence Unit
of the Republic of the PhilippinesThe Ministry of Finance,
Financial Crimes Investigation
Board (MASAK)
of the Republic of Turkey(Sgd.)
VICENTE S. AQUINO
Executive Director
AMLC Secretariat(Sgd.)
MÜRSEL ALI KAPLAN
President
MASAKDate: 16 November 2012 Date: 20 December 2012
Entry into Force: May 26, 2020