The Monetary Board of the Bangko Sentral ng Pilipinas (BSP) recently confirmed the appointment of Atty. Mel Georgie B. Racela as Executive Director of the Anti-Money Laundering Council Secretariat (AMLCS), following his appointment by the AMLC.
Atty. Racela was designated Officer-in-Charge of the AMLCS in February of this year. With twenty-one (21)-years of experience in the BSP, Atty. Racela served as an examiner in the Supervision and Examination Sector, a lawyer in the Office of the General Counsel and Legal Services, an investigator of the AMLC Secretariat’s Compliance and Investigation Group, and as Head of the Anti-Money Laundering Specialist Group.
Before joining the AMLCS, Atty. Racela was Deputy Director for the Special Projects and Reports Group of the Office of Supervisory Policy Development.
A certified public accountant, Atty. Racela obtained his undergraduate degree from De La Salle University and law degree from San Beda College. He also holds a Masters of Law in International Legal Studies from Georgetown University Law Center, Washington, D.C.
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. Vital administrative changes were also initiated to maximize the AMLC’s investigative and legal capabilities.
Recently, the AMLC adopted rules on the imposition of administrative sanctions on covered persons, with Casinos now deemed as a “covered person” under the Anti-Money Laundering Law, as amended. Atty. Racela’s pressing task is to oversee the Philippines’ national risk assessment to determine effectiveness of the country’s anti-money laundering regime, and the APG’s upcoming mutual evaluation.
Atty. Racela’s vision is for the AMLC Secretariat to be a world- class FIU that takes an active role in enhancing financial system integrity. 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. He aims to elevate the country’s international ratings, such as those made by the Financial Action Task Force. | BSP-PR
