AMLC: Suspicious transactions increased to 59,408 cases

MANILA, Philippines - From only 9,749 cases it handled in 2011, the Anti-Money Laundering Council (AMLC) has cited a tremendous increase in suspicious transaction reports last year, with a total of 59,408 cases.

The agency, mandated by law to become the country’s financial intelligence unit, said 2012 saw the freezing of more than P3.328 billion in bank accounts and other properties of wealthy groups and individuals.

Of the amount, over P1.556 billion were unfrozen and returned to investors or victims, while P1.772 billion remains covered by pending civil forfeiture and freeze order cases.

The AMLC has informed the Commission on Audit (COA) that as of Dec. 31, 2012, of a total 102 cases filed by the Department of Justice and the Office of the Ombudsman, 101 remain in courts.

Cases resolved last year reached 170. These involved money laundering criminal complaints, petitions for freeze order, court-based applications for bank inquiry and civil forfeiture.

The AMLC was created pursuant to the Anti-Money Laundering Act (AMLA) of 2001 to “protect and preserve the integrity and confidentiality of bank accounts” in the country.

It is tasked to “ensure that the Philippines shall not be used as a money laundering site for the proceeds of any unlawful activity.”

The AMLC, headed by the governor of the Bangko Sentral ng Pilipinas as chairman, also extends cooperation in transnational investigation and prosecution of persons involved in money laundering activities wherever it is committed.