Connect with us

Hi, what are you looking for?


AMLC issues freeze orders on assets of six individuals

THE ANTI-MONEY Laundering Council (AMLC) has ordered financial institutions and government agencies to immediately carry out freeze orders on accounts and assets of six new individuals designated as terrorists by the Anti-Terrorism Council (ATC). 

The “dirty money” watchdog said through AMLC Resolution No. TF-67, Series of 2023 published in a newspaper on Monday that the orders against entities tagged as terrorists by the ATC’s Resolution No. 41 (2023) dated June 7 should be implemented immediately.

The orders cover the funds and assets of six persons, namely Sarah Abellon-Alikes, Jennifer R. Awingan (or Jennifer A. Taggaoa), Windel Balag-ey Bolinget, Stephen Ambucay Tauli, Jovencio Sannadan Tangbawan, and May Rodriguez Vargas-Casilao.

The AMLC told covered institutions and relevant government agencies to submit a written return for freezing the funds and assets of the designated individuals.

This is consistent with the Philippines’ international obligations to comply with terrorism-related resolutions, including the United Nations (UN) Security Council Resolution No. 1373 pursuant to Article 41 of the UN Charter. 

Relevant government agencies such as the Land Transportation Office, Land Registration Authority, Maritime Industry Authority, and the Civil Aviation Authority of the Philippines were likewise alerted of the freeze order.

Covered institutions are ordered by the AMLC to freeze the property or funds owned or controlled by these individuals. The AMLC said this is not limited to those that can be tied to a particular terrorist act, plot, or threat.

Assets that are wholly or jointly owned by the designated persons and those generated from their funds are also expected to be frozen.

Property or funds of persons and entities that are acting with the direction of designated groups are likewise covered by the freeze order.

“All covered persons are mandated to submit as Suspicious Transaction Report all previous transactions of the designated persons within five days from effectivity of the Sanctions Freeze Order,” the AMLC said.

It added that persons and organizations that have been designated may avail of remedies under the Anti-Terrorism Act of 2020 to challenge this.

The Anti-Terrorism Act of 2020, which provided for the creation of the ATC, is meant to strengthen the country’s measures against terrorist financing and dirty money.

In June, the Financial Action Task Force (FATF) urged the Philippines to implement its action plans to exit the global dirty money watchdog’s “gray list” as soon as possible.

Government officials hope the country will exit the FATF’s gray list by January 2024. — Keisha B. Ta-asan

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!



THE PESO rose against the greenback on Wednesday after global oil prices went down to three-week lows and the dollar slightly eased against other...


SHARES dropped on Wednesday as the market stayed on the sidelines ahead of the release of September inflation data, which could affect the Bangko...


THE Board of Investments (BoI) said it endorsed for green-lane treatment a P50-billion common passive telecommunications tower infrastructure project which it expects to generate...


THE Department of Trade and Industry (DTI) said manufacturers had arrived at a “consensus” to delay price increases until the end of 2023. “What...


THE Department of Budget and Management (DBM) said it wants to keep disbursements above 20% of gross domestic product (GDP) to ensure the government...


PROPOSALS to tax junk food as well as raise the current tax on sweetened beverages are not feasible, a senior legislator said. “On a...

You May Also Like

Top News

As the world seeks sustainable and energy-efficient solutions for heating and cooling, the heat pump market is experiencing a significant surge. According to the...


The Toto site’s user-friendly interface makes it easy for both beginners and experienced gamblers to navigate through the various features. “¸ÔÆ¢Æú¸®½º site is a...


Almost 100 jobs are thought to be under threat at smart home energy technology manufacturer myenergi. The Grimsby firm, named one of the UK’s...


JUNIOR FERREIRA-UNSPLASH The Philippines is a very small power market by ASEAN standards, with market demand peaking at 15 gigawatts (GW) compared to Thailand’s...

Disclaimer:, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2021 SmartRetirementReport. All Rights Reserved.