The Philippines’ Anti-Money Laundering Council (AMLC) will begin the search for a new Executive Director after incumbent Matthew David submitted a request for transfer to the central bank – Bangko Sentral ng Pilipinas (BSP).
Acting Director Arnold Kabanlit has been named Officer-in-Charge to ensure continuity in leadership while the agency conducts a search for a new Executive Director, it said this week.
The tenure of David, appointed Executive Director of the AMLC in 2022, has been significant – specifically as the man who spearheaded the country’s successful bid to be removed in February 2025 from the Financial Action Task Force’s (FATF) “grey list” of nations under increased monitoring.
In doing so, the FATF said the Philippines had demonstrated that effective risk-based supervision of DNFBPs (Designated Non-Financial Businesses and Professions) were occurring, that supervisors were using AML/CFT controls to mitigate risks associated with casino junkets, and that it was increasing the use of financial intelligence and money laundering investigations and prosecutions in line with risk.
David has also played a key role in the Philippines’ response to the recent flood control corruption issue, with the AMLC having frozen Php27.8 billion (US$462 million) worth of assets from 862 individuals and 648 entities in relation to the scandal As reported by IAG, around US$17 million in funds embezzled from flood control projects were later lost by a group of officials in Philippine casinos.
The AMLC is chaired by the BSP Governor, with the Chairman of the Securities and Exchange Commission and Commissioner of the Insurance Commission as members.
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