Philippine Drug Enforcement Agency operatives raid an illegal drug den in Tondo, Manila, on Wednesday morning. (PDEA-NCR)

Efforts to curb illicit financial activities gained traction as some P23 million collected from illegal drug activities were forfeited by the Regional Trial Court in Manila in favor of the national government.

The Bangko Sentral ng Pilipinas (BSP) said the money will be will be placed under the authority and disposal of the Anti-Money Laundering Council (AMLC).

In a decision promulgated on 30 August 2019, the Manila RTC granted the AMLC petition for civil forfeiture of over P23 million, proceeds from anti-drug trafficking operations.

The money will be distributed among 15 bank accounts, which will will then be turned over to the Bureau of Treasury (BTr).

“As of 2018, the AMLC has turned over almost P49 million cash and seven hectares of land, estimated to be worth P10 million, to the BTr. The recent RTC decision now brings AMLC’s total turnover to over P82 million worth of assets,” the BSP reported.

“Through timely use of provisional and confiscation measures, criminals are deprived of the proceeds and instrumentalities of their illegal activities. Ultimately, this makes lawlessness unprofitable and reduces both predicate crimes and money laundering.”

Previously, the AMLC adopted an asset preservation system on the management and preservation of assets and properties, enabling the agency to ensure that such assets won’t diminish in value during the pendency period.

The AMLC investigates suspicious transactions, covered transactions deemed suspicious, money laundering and terrorism financing activities and violations of the AMLC law of 2001.