AMLC, ICI partner for info sharing, recovery of assets linked to corruption

The Anti-Money Laundering Council has inked a memorandum of agreement (MOA) with the Independent Commission for Infrastructure (ICI) that will allow the two agencies to share information and recover assets linked to corruption in flood control and other government projects.

On Thursday, the AMLC said the MOA provides for inter-agency coordination, information sharing, and joint efforts to trace, preserve, and recover assets linked to unlawful activities.

“This partnership is a strong demonstration of our collective resolve to uphold integrity in public service, ensure that illicit financial activities tied to infrastructure project anomalies are thoroughly investigated, and to hold accountable those responsible,” AMLC executive director Atty. Matthew David said.

He added: “Together, the AMLC and ICI are laying the foundation for restoring public trust, advancing good governance, and building a future free from corruption for the Filipino people.”

The agreement was signed by AMLC chairman and Bangko Sentral ng Pilipinas (BSP) governor Eli Remolona Jr. as representative of agency at the National Cybercrime Hub in Bonifacio Global City on Tuesday, Sept. 30.

The signing was attended by ICI chairperson and retired Supreme Court Associate Justice Andres Reyes Jr., and ICI members former Public Works Secretary Rogelio “Babes” Singson, and SGV & Co. country managing partner Rosanna Fajardo.

Earlier this week, the AMLC scored a freeze order on 836 bank accounts reportedly linked to persons and corporations being investigated for alleged involvement in the alleged misuse of funds for flood control projects - its latest freeze order to date.

The latest order brings the total value of frozen assets to P2.9 billion, after the Court of Appeals (CA) granted freeze orders covering 135 bank accounts and 27 insurance policies.

Under its mandate, the AMLC is mandated to investigate money laundering and other violations of the Anti-Money Laundering Act of 2001.

This is in order to protect the integrity and confidentiality of bank accounts, and to ensure that the Philippines will not be used as a money laundering site for proceeds of unlawful activity.

The ICI, meanwhile, was created in response to public calls for greater transparency and accountability in infrastructure spending. It is tasked to conduct an in-depth investigation into the alleged irregularities and misuse of funds in flood control and other infrastructure projects in the past 10 years. - JMA, GMA Integrated News