AMLC asks for additional budget to fund efforts against dirty money risks

THE Anti-Money Laundering Council (AMLC) is seeking an additional P162.9 million for their 2026 budget to fund their programs to combat “dirty money” and terrorism financing risks, including P23 million in intelligence funds to investigate and possibly prosecute these cases.

“The AMLC, in order to combat terrorism financing and also money laundering, needs intelligence funds or confidential funds for our investigation group or the investigation and enforcement department,” AMLC Executive Director Matthew M. David said at a Senate budget briefing on Monday.

He said these funds will be used for the possible prosecution of money laundering and terrorist financing cases, which are part of the agency’s seven programs, activities and projects (PAPs) that are not fully covered in its 2026 budget proposal approved by the Department of Budget and Management.

Under the National Expenditure Program (NEP) for 2026, the AMLC has been allotted P170.161 million, below its proposed budget of P333.1 million.

“The process of identification alone requires confidential funds, and non-identification may lead to possible terrorist or money laundering activities,” Mr. David said.

“Without any financial funding, an efficient and effective prosecution of money laundering and terrorist financing cases may not be possible.”

Senate President Pro Tempore Panfilo “Ping” M. Lacson said they will consider the AMLC’s request after the agency submits its position paper.

The AMLC’s functions include gathering intelligence, identifying money laundering and terrorism financing, sharing vital actionable financial information with other relevant government agencies, and assisting in the prosecution of money laundering and terrorism financing cases.

Mr. David said they are also requesting additional funds for the AMLC’s efforts to ensure that the Philippines stays off the Financial Action Task Force’s (FATF) gray list of countries under increased monitoring for “dirty money” risks. The AMLC originally sought P39.385 million for this, but only P5.426 million was allotted under the 2026 NEP, he said.

The Philippines was removed from the FATF’s gray list in February, nearly four years after it entered the list in June 2021 following a successful on-site visit and completion of the recommended action plan.

Mr. David said the National Anti-Money Laundering and Counter-Financing of Terrorism Strategy for 2023 to 2027 is part of their plan.

Other PAPs outlined by the AMLC are the maintenance and enhancement of its cybersecurity and database as well as its information communications technology equipment and software, and capacity building.

“Maintaining and procuring these systems is vital for the AMLC for ensuring the security of our information collected and stored by the AMLC, as you very well know, we receive big data from the different covered persons through suspicious transaction reports and covered transaction reports,” Mr. David said.

The AMLC received at least 34 million transaction reports from covered persons, or institutions like banks and casinos, last year, he said.

Senator Sherwin T. Gatchalian, who chairs the Senate Committee on Finance, approved the AMLC’s budget under the 2026 NEP for plenary discussion. — Katherine K. Chan