The Bangko Sentral ng Pilipinas (BSP) stated that its governor will respond to a legal complaint once he receives an official copy of the documents, as the country’s monetary authority seeks to maintain focus on its regulatory mandate. In a statement on Monday, April 27, the central bank said BSP...
The Court of Appeals has ordered a freeze on dozens of bank accounts and properties belonging to a prominent legislator, a business associate, and a linked corporation amid an expanding investigation into anomalies in government flood-control projects. The freeze order, issued April 23, covers 25...
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...
Senator Joel Villanueva has filed a measure that seeks to amend and further boost Republic Act No. 9160 or the Anti-Money Laundering Act (AMLA) to combat financial crimes and protect the integrity of the financial system. Under Senate Bill No. 1983, Villanueva seeks to give more teeth to the...
Maharlika Investment Corp.’s (MIC) ₱19.7-billion acquisition play for a 20 percent stake in Synergy Grid and Development Philippines Inc. (SGP), the holding gateway to transmission firm National Grid Corporation of the Philippines (NGCP), failed to close on the original schedule. This failure...
Senate President Pro Tempore Panfilo “Ping” Lacson has filed a measure seeking to give the Anti-Money Laundering Council (AMLC) additional powers and widening the scope of covered persons involved in financial crimes and updating the list of predicate offenses to money laundering. Lacson said...
Philippine financial intelligence unit Anti-Money Laundering Council (AMLC) has so far frozen nearly 2,000 bank accounts and assets valued at around ₱5.2 billion, while a bank inquiry into possible signs of money laundering remains ongoing. “As of this morning [Oct. 23], the total value of...
The Anti-Money Laundering Council (AMLC), in support of the Independent Commission Against Corruption (ICAC), has frozen more than ₱4 billion in assets linked to fraudulent flood control projects as the government intensifies its crackdown on corruption. The move follows the AMLC’s issuance of...
As the probe into controversial flood control projects continues, more than 800 new bank accounts have also been identified as having questionable transactions, leading authorities to add them to the growing list of frozen accounts. According to the Anti-Money Laundering Council (AMLC), it secured...
Senator Sherwin Gatchalian on Sunday, September 21 welcomed the Anti-Money Laundering Council (AMLC) for expanding its freeze orders on assets that are linked to flood control anomalies. This after the AMLC was able to secure a new freeze order from the Court of Appeals targeted at assets...
The Anti-Money Laundering Council (AMLC) has taken another step in its fight against corruption, securing a fresh freeze order to seize assets connected to the government’s flood control scandal. In a statement, AMLC Executive Director Matthew M. David said that the order, issued Friday, Sept....
The Court of Appeals (CA) has ordered the freezing of 135 bank accounts and 27 insurance policies of at least 26 Department of Public Works and Highways (DPWH) officials and contractors involved in anomalous flood control projects. In a press briefing, DPWH Secretary Vince Dizon, Anti-Money...
