Manila: The head of the Anti-Money Laundering Council (AMLC) has emphasized that tackling money laundering and terrorist financing requires a coordinated effort across the entire government, involving regulators, institutions, and enforcement agencies.
According to Philippines News Agency, during a Senate budget deliberation, Senator Erwin Tulfo questioned AMLC officials about their requested PHP333.1 million budget for 2026 and its sufficiency in combating financial crimes. He inquired if granting this budget could ensure the cessation of public money laundering by individuals, groups, or agencies. AMLC Executive Director Matthew David responded that while a 100 percent guarantee is unattainable, collaboration with agencies like the Philippine Amusement and Gaming Corporation (Pagcor) and other regulators is essential. David emphasized that the requested budget would significantly aid in analyzing and processing the millions of transaction reports the council receives.
Senator Panfilo Lacson urged AMLC to be more aggressive in their budget requests, suggesting they maximize their demands to ensure comprehensive monitoring. He advised AMLC to submit a detailed position paper that includes needs beyond the approved National Expenditure Program (NEP) allocation. The NEP approved only PHP170 million of AMLC’s proposed PHP333.1 million for 2026, leaving a substantial funding gap.
David stated that additional funding would be allocated for ICT and cybersecurity improvements, inter-agency coordination, administrative support, and case prosecution. In a recent speech, Lacson highlighted alleged money laundering activities by former Department of Public Works and Highways officials involved in dubious flood control projects in Bulacan. The group, known as the ‘BGC Boys’ or Bulacan Group of Contractors, allegedly laundered illicit funds through casinos by converting cash into chips and cashing out as supposed winnings.
Lacson noted individuals like Henry Alcantara, who allegedly funneled around PHP1.4 billion into casino chips, cashing out close to PHP1 billion, and Brice Ericson Hernandez, who reportedly encashed PHP1.38 billion from PHP659.9 million in chips. Jaypee Mendoza was linked to transactions ranging from PHP26.5 million to over PHP280 million. Lacson warned that such practices illustrate how questionable infrastructure project funds could be redirected through casinos, underscoring the need for adequate AMLC funding and support.
David concluded that enhanced resources would enable AMLC to strengthen systems, expand collaboration, and align with international standards in combating money laundering and terrorist financing.