The Securities and Exchange Commission (SEC) has given law enforcement units and various agencies access to beneficial the ownership information of corporations as part of boosted efforts to combat money laundering and terrorist financing.
Granted access to SEC records include the Philippine Drug Enforcement Agency, Insurance Commission, Cagayan Economic Zone Authority, National Bureau of Investigation, Department of Justice, Philippine Center on Transnational Crime, Department of Agriculture, Intelligence Service of the Armed Forces of the Philippines and the Philippine Economic Zone Authority.
“In this era where data is gold and financial fraud, including cyber fraud, looms large—collaboration between the SEC and law enforcement is not just beneficial it is imperative,” SEC chairman Emilio B. Aquino said in ceremonies held at the SEC’s new headquarters in Makati.
Beneficial owners are distinguished from legal owners who are defined as persons who, in accordance with the law, own or has controlling ownership over the corporation or has the ability of making decisions and impose them.
“First and foremost, sharing corporate data with law enforcement is a powerful tool in combating crime. By providing law enforcement agencies access to pertinent data, we empower them to investigate and apprehend these perpetrators swiftly and effectively,” Aquino said.
Since 2022, the SEC has signed agreements with several government agencies including the Bureau of Internal Revenue, the Bureau of Immigration, the Department of Trade and Industry- Strategic Trade Management Office, the National Intelligence and Coordinating Agency and Philippine Amusement and Gaming Corporation.
The list also includes the Government Procurement Policy Board, the Philippine National Police, and the Department of the Interior and Local Government.
The agreements generated requests for beneficial ownership information of more than 5,400 corporations and individuals.
“Whether it’s illegal drugs, transnational crime, money laundering, financial fraud, corruption, tax evasion or smuggling – timely access to corporate data can make all the difference in bringing criminals to justice,” Aquino said. “Sharing corporate data fosters a culture of accountability and transparency within our corporations…It sends a clear message that the Philippines is not a haven for illicit corporate activities, thereby bolstering trust in the integrity of our business sector,” he said.
