Retirement of IC commissioner leaves AMLAC inoperative

The powerful Anti-Money Laundering Council (AMLAC) remains inoperative as Malacañang has yet to appoint a replacement for retired Insurance Commission (IC) head Eduardo Malinis.

Malinis officially retired upon turning 65 last Friday, Sept. 20, but as of presstime, there is still no word from the Office of the President for a replacement or even a term extension for Malinis.

At present, the highest official in the commission is deputy

commissioner Vida Chiong although she can’t be recognized as an officer-in-charge since the position needs Presidential appointment.

The Department of Finance (DOF) had already forwarded to the Office of the President a short list of recommended replacements for Malinis but also includes the option to extend his term for another six months which is allowed by the Civil Service Commission.

Bangko Sentral ng Pilipinas Governor Rafael B. Buenaventura had earlier expressed concern over the vacancy at the IC. "I am hoping that (Commissioner) Malinis will be reappointed or his term extended," Buenaventura said. "It would ensure continuity especially during the early stages of the AMLAC."

Buenaventura is the AMLAC chairman with Securities and Exchange Commission chairman Lilia Bautista and Malinis as council members.

Without a third member, the council may not be able to make crucial decisions affecting money laundering.

As early as August, Malinis had been informing the Finance Department that Malacañang should not allow a vacancy of the post as it had critical impact on the uncooperative image of the country regarding international money laundering.

It is also important, Buenaventura added, at a time when the Philippines is trying "to convince the Financial Action Task Force (FATF) that the anti-money laundering laws are effective and conform to their requirements."

The Philippines wants to be delisted from the uncooperative list of the FATF which could lead to damaging sanctions on the Philippine economy.