AMLC seeks new Executive Director amid asset crackdown

Anti-Money Laundering Council has begun its search for a new Executive Director as Matthew David prepares to step down and pursue another position within the Bangko Sentral ng Pilipinas, according to reporting by Manila Bulletin.

David, who assumed the role in 2022, led significant enforcement actions that resulted in asset freezes and seizures totaling PHP 27.8bn ($500m). These were linked to nearly 900 individuals and approximately 650 entities allegedly involved in corruption tied to flood-control projects. The seized assets included nearly 8,000 bank accounts, more than 200 real estate properties, as well as vehicles and aircraft.

While the search for a permanent successor continues, Arnold Kabanlit has been designated as officer-in-charge to ensure continuity in leadership. Under the Anti-Money Laundering Act, candidates for the executive director position must be members of the Philippine Bar and have at least five years of service with the Bangko Sentral ng Pilipinas, the Securities and Exchange Commission, or the Insurance Commission.

David also spearheaded reforms that contributed to the Philippines’ removal from the global money laundering watchdog’s “grey list” in February last year, marking a significant milestone in strengthening the country’s financial integrity.

In a separate statement, the AMLC confirmed it has filed three petitions for civil forfeiture before the Regional Trial Court in Manila involving assets allegedly connected to irregularities in flood-control projects. The court has issued temporary freeze orders to preserve the assets pending final rulings.

The AMLC said the investigation remains complex due to the extensive volume of records, interlinked accounts and diverse asset classes involved. As the probe expands, the agency continues enhancing its internal processes to improve the efficiency and effectiveness of financial investigations.