MANILA, Philippines — The total value of illegal drug-related assets seized and frozen since 2022 reached P518,480,814.39, the Philippine Drug Enforcement Agency (PDEA) announced on Tuesday. PDEA data indicated that cash in bank accounts, vehicles, and plots of land worth P514,441,734.39 were either frozen or preserved, while P4,039,080 worth of cars, land, and firearms once owned by money laundering suspects were forfeited in favor of the government. From these assets, the agency referred 28 money laundering cases to the Anti-Money Laundering Council (AMLC) and 41 more to the Department of Justice (DOJ) for investigation. Article continues after this advertisementREAD: AMLC deputizes 50 PDEA agents to combat drug money launderers FEATURED STORIES NEWSINFO House appropriations panel head steps down NEWSINFO ‘Show of force’: 1.8M join INC peace rally NEWSINFO Acop: What do you need 20 guns for?“The entrenchment of financial and money laundering investigation functions in its organizational thrust is PDEA’s contribution to the Philippines’ effort to exit the gray list of Financial Action Task Force (FATF), a global money laundering and terrorist financing watchdog,” the agency explained in a statement. “PDEA, in collaboration with AMLC, DOJ, and other private and public entities, will continue to track down the trail of drug money and cut the flow of proceeds from the sale of illegal drugs by arresting, forfeiting, and freezing the assets of drug money launderers,” it added. Article continues after this advertisementLast October, the AMLC said the country “substantially completed” its action plan against money laundering and was in the “final step” to exiting the FATF’s “gray list.” Article continues after this advertisementREAD: AMLC: PH on final step to exit gray list of money laundering watchdog According to the AMLC, failing to implement the government’s action plan runs the risk of the Philippines entering FATF’s “black list,” which means possible restrictions and refusal of financial transactions by other member countries. slots empire no deposit bonusSubscribe to our daily newsletter "This series is not just about the two teams playing; it's about reviving the spirit of hockey in Delhi. We hope this will inspire more young players from the region to take up the game," Harmanpreet stated in a press release issued by Hockey India. |
