Nearly P3B in assets now frozen in flood mess probe
The Anti-Money Laundering Council (AMLC) has secured its third and broadest freeze order yet under the ongoing flood control corruption probe, widening a crackdown that has now immobilized 1,813 assets worth nearly P3 billion.
In a statement, the AMLC said the Court of Appeals (CA) issued the Sept. 30 directive covering 836 bank accounts, 12 e-wallets, 24 insurance policies, 81 vehicles and 12 properties.
The order built on two earlier directives and marks the most extensive asset freeze since the inquiry began.
‘Disrupting financial channels’
In all, the appeals court has frozen 1,563 bank accounts, 54 insurance policies, 154 vehicles, 30 properties and 12 e-wallets—assets with an estimated value of P2.9 billion.
The AMLC said the figure is expected to increase as the probe deepens.
“By freezing a wide range of assets—such as bank accounts, e-wallets, vehicles, and properties—the AMLC is disrupting the financial channels used in corrupt activities,” said Matthew David, the council’s executive director.
“Our goal is straightforward: prevent stolen public funds from being dissipated and misused, recover them for the National Government, and ensure that those involved in money laundering are held accountable,” he added.
Lawmakers’ assets
Last week, Justice Secretary Jesus Crispin Remulla said the AMLC was also preparing to block the assets of six individuals—including some lawmakers—being sued by the National Bureau of Investigation.
When a bank account is frozen, all activity—transfers, deposits, withdrawals and even account closures—comes to a halt. Banks are then required to comb through the accounts and review past transactions to determine whether they were used for illicit activity. Their findings are sent to the AMLC.
The freeze orders also covered insurance policies because they can serve as vehicles for concealing or moving illegal funds. For now, the AMLC is prioritizing such assets because they are easier to identify, locate and freeze.
Banks, personal properties
The directives may soon extend far beyond financial accounts, cars and real estate. David earlier said the council might also ask the CA to freeze personal properties—such as investments, jewelry and even virtual assets—if they are linked to the misuse of public funds.
He said the watchdog might also scrutinize banks after a congressional inquiry flagged large cash transactions linked to the flood control scandal, though he declined to confirm whether such a probe was already underway.
