AMLC freezes P1.2 billion in ‘tainted assets’

The Philippines has established itself as a major global player in the fight against money laundering and terrorist financing, announcing major accomplishments flowing from key reform initiatives.

Over P1.2 billion in dirty funds, including terrorist assets and other criminally tainted assets have been frozen since the Philippine Anti-Money Laundering Act was enacted in 2001. Almost P700 million have been released to victims of swindling or fraud. About P413.5 million worth of cash and property is now the subject of civil forfeiture proceedings, while about $837,000 have been repatriated to the United Kingdom and the United States. In addition, there are 91 ongoing cases currently being heard in the courts two concluded civil forfeiture cases, over 184 bank accounts frozen, and one high-profile money laundering conviction.

These achievements have been officially recognized in the global community with the removal of the Philippines from the Financial Action Task Force’s (FATF) list of Non-Cooperative Countries and Territories (NCCT) in February 2005. In February of this year, the FATF decided to stop monitoring the Philippines directly after it noted the country’s continued efforts to implement anti-money laundering initiatives a year since it was delisted.

"The recognition of our efforts by the FATF is very encouraging in our fight against money laundering, terrorist financing and other predicate crimes particularly corruption in the Philippines. Going forward, we will continue to strengthen the anti-money laundering system that we have worked so hard to put in place over the past few years," said Bangko Sentral ng Pilipinas (BSP)

The Supreme Court has designated 56 special anti-money laundering courts in all 12 regions of the country. Government prosecutors and judges have likewise undergone training on AML and CFT, both locally and internationally. The Philippines has, thus far, made significant strides in the establishment of a nation-wide system directed at thwarting money laundering and terrorist financing activities throughout the country.

"The numbers clearly show that the system the government has put in place is working, and is delivering tangible results," said Vic Aquino, executive director of the AMLC Secretariat. "Significant progress has been made, and there is continuing resolve on the part of the council and the government to combat money laundering and the financing of terrorist activities."

The AML and CTF initiatives are part of the government’s broader campaign against corruption, which is one of the major obstacles to the entry of foreign direct investments to the country.