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Manila Bulletin devider Business devider Banking & Finance devider AMLC hunts new executive director as asset crackdown expands

AMLC hunts new executive director as asset crackdown expands

Published Mar 26, 2026 10:05 am

At A Glance

  • The Anti-Money Laundering Council (AMLC), the Philippine financial intelligence unit, is in search mode for the next executive director, as Matthew David intends to step down from his post and seek another position within the Bangko Sentral ng Pilipinas (BSP).
From left: Anti-Money Laundering Council (AMLC) Executive Director Atty. Matthew David, DPWH Secretary Vince Dizon, and Bangko Sentral ng Pilipinas legal counsel Atty. Roberto Figueroa
From left: Anti-Money Laundering Council (AMLC) Executive Director Atty. Matthew David, DPWH Secretary Vince Dizon, and Bangko Sentral ng Pilipinas legal counsel Atty. Roberto Figueroa

The Anti-Money Laundering Council (AMLC), the Philippine financial intelligence unit, has begun searching for its next executive director as Matthew David prepares to step down and seek another position within the Bangko Sentral ng Pilipinas (BSP).

David led several asset freezes and seizures totaling ₱27.8 billion, tied to nearly 900 high-profile individuals and nearly 650 entities linked to flood-control corruption. These assets included nearly 8,000 bank accounts, more than 200 real properties, as well as vehicles and aircraft.

While the search for a permanent successor is ongoing, acting director Arnold Kabanlit has been designated as officer-in-charge (OIC) to ensure continuity in the agency’s leadership.

David, who was appointed in 2022, spearheaded efforts that resulted in the Philippines being removed from the global money laundering watchdog’s “grey list” in February last year. This watchlist identifies jurisdictions with insufficient measures against money laundering and terrorism financing.

According to the Anti-Money Laundering Act (AMLA), candidates for the executive director position must be members of the Philippine Bar and have served for at least five years with either the BSP, the Securities and Exchange Commission (SEC), or the Insurance Commission (IC).

In a separate statement, AMLC said it has filed three petitions for civil forfeiture before the Regional Trial Court (RTC) in Manila involving assets allegedly tied to corruption in flood-control projects.

Filing civil forfeiture cases marks the final step in recovering illicit proceeds linked to anomalies in these projects.

According to AMLC, the court has temporarily frozen specific assets to ensure they remain secure and available until a final ruling is made on the recovery of funds.

“The cases involving the flood-control projects scandal are complex, given the sheer volume and breadth of records involved,” AMLC said, noting that the probe covers several entities, interlinked accounts, and different types of assets, requiring extensive assessment and reconciliation of financial records and evidence.

Given the scale of the investigation, AMLC said it continues to ramp up its internal processes to improve the efficiency of its financial probes.

Related Tags

Anti-Money Laundering Council (AMLC) anti-money laundering/countering the financing of terrorism (AML/CFT) flood control corruption Bangko Sentral ng Pilipinas (BSP) Matthew David
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