https://www.philstar.com/business/2025/03/31/2432240/amlc-ramps-crackdown-freezes-p41-billion-3-years

MANILA, Philippines — The Anti-Money Laundering Council (AMLC) has significantly ramped up its enforcement efforts over the last three years as data revealed a surge in financial intelligence operations, asset seizures and legal actions.

In a report, the AMLC said it conducted 632 investigations from 2021 to 2024, slightly higher than the 623 probes it did from 2019 to 2022.

However, the financial impact of these investigations was significantly greater. The total value of frozen assets rose by 8.9 percent to P4.15 billion (2021 to 2024) from P3.81 billion (2019 to 2022). Assets subject to civil forfeiture also saw a seven-fold jump to P7.01 billion from P1.01 billion previously.

The number of cases and complaints related to money laundering and terrorism financing also rose dramatically. The AMLC filed 72 money laundering cases and 186 complaints from 2021 to 2024, nearly doubling the 38 cases and 38 complaints in 2019 to 2022.

Financial intelligence analysis also expanded. The AMLC received 204.76 million covered transaction reports (CTRs) and 51.56 million suspicious transaction reports (STRs) in 2021 to 2024, compared to 176.9 million CTRs and 10.3 million STRs in 2019 to 2022.

The five-fold increase in STRs suggests that financial institutions are more vigilant in identifying and reporting suspicious transactions.

International cooperation also improved. AMLC acted on 73 mutual legal assistance treaty requests in 2024 alone, up from 43 requests in the previous report. These requests facilitate cross-border cooperation in investigating crimes.

On the regulatory front, the AMLC expanded its oversight on high-risk businesses. The number of registered designated non-financial businesses and professions – which include real estate firms, casinos and other non-bank entities vulnerable to money laundering – rose sharply to 38,542 from just 7,165 previously.

Despite the rise in enforcement activities, AMLC issued fewer new policies in the latest report, recording only eight new policies from 2021 to 2024 compared to 30 in 2019 to 2022.

The AMLC is the Philippines’ financial intelligence unit tasked with preventing and combating money laundering and terrorist financing. Its core functions include financial intelligence analysis, investigations and legal actions as well as asset preservation and management.

The AMLC requires and receives CTRs and STRs from banks and other financial institutions. It then analyzes these reports to detect possible illicit activities.

The agency then probes suspicious transactions and, when warranted, institutes civil forfeiture proceedings and other remedial legal actions through the Office of the Solicitor General.

When illicit funds are identified, the AMLC ensures that they are frozen, preserved, managed or disposed of according to legal proceedings, including freeze orders, asset preservation orders and final judgments of forfeiture.