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The Philippine government had frozen some more than P410 million,
roughly equivalent to $10 million of suspected funds in antimoney
laundering efforts last year, said the official Philippines News
Agency Saturday.
The Antimoney Laundering Council (AMLC) of the
Philippines has reported the funds held in banks and insurance
proceeds which had been frozen from January to November 2007, said
the report.
The total amount, which are in foreign-exchange
denominations like the US dollar, Japanese yen, Hong Kong dollars,
and the Euro, have been converted into domestic currency terms, said
the report.
The AMLC said it has also “repatriated” a
total of $837,334.82 from 24 bank accounts last year, while 71 cases
are still being investigated.
-- Xinhua
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