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Philipines AMLC secures large confiscation

On 30 August 2019, the Regional Trial Court (RTC) in Manila granted the Anti-Money Laundering Council’s (AMLC) Petition for Civil Forfeiture of over PhP23 million (approx 410,700 euros), which stemmed from the proceeds of drug trafficking.

A media release from the Anti Money Laundering Council says "On 18 September 2014, the Philippine Drug Enforcement Agency - Region 1 (PDEA-RO1) implemented a search warrant at the residence of Genaro A. Taliño in Brgy. Becques in Tagudin, Ilocos Sur. Operatives found bags of shabu (chrystal meth) and six bank deposit slips.

PDEA-RO1 referred the deposit slips to the AMLC for financial investigation and, upon inquiry on the basis of Resolution No. 29-A dated 27 May 2015, the AMLC filed, through the Office of the Solicitor General (OSG), a Petition for Civil Forfeiture before the RTC in Manila. The Petition covered the said accounts plus eleven other related accounts.

The RTC, in turn, granted the Petition and made permanent the Asset Preservation Order (APO) dated 18 January 2016. The Decision also directed the forfeiture in favour of the government and placed under the authority and disposal of the AMLC, the fifteen (sic) bank accounts with balances amounting to over PhP23 million. "

The money is passed into the general exchequer. As of 2018, the AMLC had turned over almost PhP49 million in cash cash and seven hectares of land, estimated to be worth PhP10 million, to the Bureau of Treasury. The recent RTC Decision now brings AMLC’s total turnover to over PhP82 million worth of assets.

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Author: 
World Money Lau...

 


 

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