AMLC Calls for Stronger Support
The head of the Anti-Money Laundering Council (AMLC) has stressed the need for a whole-of-government effort to curb money laundering and terrorist financing. The remarks came during Senate budget deliberations this week.
AMLC Executive Director Matthew David said the council’s proposed PHP333.1 million ($5.8 million) budget for 2026 would help process transaction reports. However, he cautioned that funding alone cannot eradicate financial crimes. Closer collaboration among agencies, such as the Philippine Amusement and Gaming Corporation (PAGCOR), is needed.
Senate Push for Accountability
Senator Panfilo Lacson urged the AMLC to maximize its budget request. He pointed to recent money laundering cases involving former officials and fraudulent flood control projects. He stressed that increased resources must translate into stronger enforcement.
Strengthening Capacity
The AMLC aims to use additional funds to bolster ICT systems, cybersecurity defenses, and inter-agency coordination. This will ensure compliance with international anti-money laundering standards. Officials said these upgrades are critical to safeguarding the Philippines’ financial system from criminal exploitation.
