AMLC seeks expanded powers vs criminal assets

MANILA, Philippines — The Anti-Money Laundering Council (AMLC) is seeking expanded powers that will allow it to suspend financial transactions and initially freeze criminal assets without securing a court order.

Proposed changes to the Anti-Money Laundering Act are aimed at strengthening the country’s compliance position ahead of the Financial Action Task Force (FATF)’s Global 5th Round of Mutual Evaluation in 2027, AMLC executive director Ronel Buenaventura yesterday told The STAR.

Virtual asset service providers and trusts would be included as covered persons in the proposal, he noted.

Based on the current legislative framework, the AMLC must petition the Court of Appeals to freeze criminal assets for an initial 20 days.

Apart from seeking amendments to the law, the AMLC is pursuing regulatory reforms through revisions to its Enforcement Action Guidelines, which allow banks and other covered persons to correct compliance violations through remedial action without the AMLC initiating formal administrative proceedings.

The AMLC plans to streamline the procedures that covered persons must follow under the mechanism, intended to encourage the early correction of compliance deficiencies.

“The measure has gained support from lawmakers in the Senate and House of Representatives, with several versions of the bill currently under consideration in Congress,” Buenaventura said.

The legislative push comes after the Philippines exited the FATF grey list in February 2025.

The country had been placed under increased monitoring in June 2021 due to deficiencies in its efforts to combat money laundering and terrorism financing.