The Anti-Money Laundering Council (AMLC) is seeking expanded powers to suspend financial transactions and initially freeze criminal assets without a court order.
The proposed amendments to the Anti-Money Laundering Act aim to strengthen the Philippines’ compliance ahead of the Financial Action Task Force’s 2027 evaluation.
AMLC Executive Director Ronel Buenaventura said the proposal also seeks to include virtual asset service providers and trusts as covered entities.
The council is also pursuing regulatory reforms to help financial institutions address compliance issues more quickly.
The move follows the Philippines’ removal from the FATF grey list in February 2025 after improvements in its anti-money laundering efforts.
Source: PhilNews24 | July 17, 2026
AMLC SEEKS EXPANDED POWERS TO FREEZE CRIMINAL ASSETS
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