AMLC intensifies foreign coordination to track offshore dirty money

Philippine financial intelligence unit Anti-Money Laundering Council (AMLC) is working hand in hand with its foreign counterparts to contain suspicious cash flows that could be involved in money laundering.
This forms part of the ongoing crackdown on bank accounts and assets owned by government contractors and officials allegedly involved in flood control scandals.
AMLC Executive Director Matthew M. David reported during a DZBB radio interview on Monday, Oct. 6, that the equivalent value of the four freeze orders now stands at ₱4.2 billion, a figure expected to bloat further as the probe deepens.
“All assets related to corruption are included in our financial investigation. This covers what we call the foreign assets of our respondents, including offshore bank accounts, real properties, or any properties acquired by the subjects in other countries,” David said.
“We are coordinating with our foreign counterparts to determine if they are involved in financial transactions abroad,” David further said, noting that mutual legal assistance allows AMLC to request foreign jurisdictions to file a petition for civil forfeiture abroad.
“If those assets are recovered, they can be returned to the Philippine government,” he stressed.
David clarified that the freeze order is initially effective for 20 days, which can be extended for up to six months.
“But that doesn’t necessarily mean the assets will be recovered. Before the six-month period ends, the AMLC will file petitions for civil forfeiture with the Regional Trial Court (RTC). This means that once the assets are forfeited, they can be returned to the government,” he said.
Last Friday, the AMLC secured its fourth freeze order from the Court of Appeals (CA), covering an additional 57 bank accounts, 10 real properties, and nine motor vehicles.
To date, the CA has frozen 1,620 bank accounts, 54 insurance policies, 163 vehicles, 40 properties, and 12 e-wallets.

Source: Manila Bulletin