The head of the Anti-Money Laundering Council (AMLC) of the Philippines emphasized the need for a comprehensive government approach to combat money laundering and terrorist financing during Senate budget discussions.
According to the Philippine News Agency, AMLC Executive Director Matthew David acknowledged that while a PHP333.1 million ($5.8 million) budget request for 2026 would aid in processing transaction reports, no guarantee exists to completely eliminate financial crimes without collaboration from various agencies, including the Philippine Amusement and Gaming Corporation (PAGCOR).
Senator Panfilo Lacson urged the AMLC to maximize its budget request, highlighting recent money laundering cases involving former officials linked to fraudulent flood control projects.
The agency seeks additional funds to enhance ICT, cybersecurity, and inter-agency coordination, aiming to align with international standards in fighting financial crimes.
