P2.85B in 'suspicious' accounts frozen by AMLC


Posted at Aug 06 2012 06:48 PM | Updated as of Aug 07 2012 03:47 PM

MANILA, Philippines - Around P2.85 billion in "suspicious" bank accounts were ordered frozen by the Anti-Money Laundering Council (AMLC) in 2011, according to the Commission on Audit's 2011 report.

Of the P2.85 billion in frozen accounts, the COA report said P1.655 billion was cleared and ordered to be returned to the investors/ victims. The balance of P1.196 billion remains frozen pending resolution of civil forfeiture and freeze order cases.

AMLC also looked into 9,749 "suspicious transaction reports" out of 46.5 million covered transactions.
Covered transactions are single or a series of movement of funds within 1 banking day involving amounts in excess of P500,000 or its equivalent in foreign currency, especially those that have no credible purpose or origin, related trade obligation or contract.
"Relative to cases with the courts, Department of Justice, (Office of the) Ombudsman, the total number of active and resolved/decided cases totaled 97 and 129 respectively, involving money laundering criminal complaints, petitions for freeze order, court-based applications for bank inquiry and civil forfeiture cases," COA said.