THE Anti-Money Laundering Council (AMLC) turned over P18.352 million worth of proceeds from the sale of a forfeited property in Laguna to the US government, in compliance with the Mutual Legal Assistance Treaty.
“The process is necessary as the AMLC has no authority to forfeit for itself laundered funds and other assets. In fact, the AMLC previously turned over the proceeds of the sale to the Bureau of the Treasury, until the AMLC’s turnover of said proceeds to the US Embassy,” it said in a statement Thursday.
The property is a house and lot in Calamba, Laguna. A sole bidder made an offer and had made full payment by July.
AMLC said the turnover, which was done virtually on Nov. 24, represents the outcome of a confiscation case involving dirty money.
“This allows the AMLC to ensure that during the pendency of cases, and after their forfeiture, the assets do not diminish in value, and that these assets are converted into cash before transmittal to the National Treasury or, in this case, the requesting State,” the AMLC said.
In mid-September, AMLC Executive Director Mel Georgie B. Racela said the council froze assets worth P647 million, exceeding the P138 million total booked in 2019. — Luz Wendy T. Noble