The Anti-Money Laundering Council (AMLC) has issued a warning about a land registration scam targeting property buyers and owners. Scammers posing as AMLC representatives are offering fraudulent services, claiming that land purchases need to be registered with the financial regulator. These fraudsters charge up to P50,000, misleading victims into believing that AMLC registration is a legal requirement for property transactions.
The AMLC clarified that there is no requirement for landowners to register property acquisitions or contracts with their agency. Land registration is handled by the Land Registration Authority (LRA) or local government units, not the AMLC. This scam is particularly deceptive because the impostors often pretend to have connections with AMLC officials, adding a false sense of legitimacy to their operations.
Victims are tricked into paying high fees, thinking the process is necessary for legal compliance. In reality, these services are entirely fake. The AMLC has urged the public to be vigilant and avoid falling prey to these fraudulent schemes.
As the Philippines’ financial intelligence unit, the AMLC’s role is to combat money laundering and ensure financial transparency, not to regulate land transactions. The agency advised property buyers to double-check claims about AMLC involvement in land registration and report any suspicious activity immediately.
To avoid becoming a victim of this land registration scam, property owners should consult legitimate authorities, such as the LRA, for any land-related processes. The AMLC also encourages the public to stay informed and verify any offers or demands for fees related to land transactions.
By spreading awareness of this scam, the AMLC hopes to protect landowners from falling victim to fraudulent schemes that could result in significant financial losses.
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