THE Anti-Money Laundering Council (AMLC) has turned over P50 million in funds linked to terrorism financing to the Bureau of the Treasury.

The turnover is in compliance with the ruling of a Regional Trial Court in Manila initiated by the AMLC.

The court "found that the funds were related to terrorism financing in connection with the Marawi City Siege, where the notorious Maute family violently attempted to establish a terroristic government," the AMLC said.

It said the funds were uncovered by the Armed Forces of the Philippines (AFP) during the government's operation to regain control of Marawi City.

The turnover was made possible by the collaborative efforts of the AMLC, AFP, Treasury Bureau, Bangko Sentral ng Pilipinas, Land Bank of the Philippines, and Office of the Solicitor General.

The council was established under Republic Act 9160 or the Anti-Money Laundering Act of 2001 to safeguard bank account integrity and confidentiality and prevent the Philippines from being used to launder money from activities.

As of February, the Philippines was still on the Intergovernmental Financial Action Task Force (FATF) global watchlist for potential money laundering activities.

The FATF called on the country to step up the monitoring of money laundering and terrorist financing.

It said the Philippines has to do more if it wants to be stricken off the watchlist.

The task force will issue its next watchlist update by June.

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