57 more accounts, 10 properties frozen for links to flood mess
The Anti-Money Laundering Council (AMLC) has secured its fourth freeze order in a widening probe into substandard and anomalous flood control projects, immobilizing over P4 billion worth of assets, including a “luxury compound in an upscale district” and a fleet of high-end cars.
The Court of Appeals (CA) on Friday granted the AMLC’s request to freeze 57 bank accounts, 10 real properties and nine vehicles of individuals linked to corruption in government-funded flood protection projects.
The move brought the total assets frozen in the investigation to 1,889—covering 1,620 bank accounts, 54 insurance policies, 163 vehicles, 40 properties and 12 e-wallets. The AMLC said the crackdown also netted virtual currencies and unit investment trust funds, underscoring the breadth of financial holdings tied to the alleged scheme.
“These freezes are real actions that stop corruption,” said Matthew David, the AMLC executive director, in a statement. “Every peso frozen is a peso that cannot be used to sustain corruption.”
The AMLC statement did not provide information on the ownership, location and other details involving assets covered by the freeze orders.
But the value of frozen assets, according to the AMLC, is expected to rise as the inquiry deepens.
Review of transactions
When a bank account is frozen, all activity—transfers, deposits, withdrawals and even account closures—will be suspended. 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 these can serve as vehicles for concealing or moving illegal funds. For now, the AMLC is prioritizing such assets because these are easier to identify, locate and freeze.
David earlier said the council might also scrutinize banks after a congressional inquiry flagged large cash transactions linked to the flood control scandal.
On Sept. 30, the AMLC signed a memorandum of agreement with the Independent Commission for Infrastructure, the body created by President Marcos to investigate corruption in flood control projects, for closer coordination, data sharing and joint efforts to trace, preserve and recover assets linked to illicit activity.
The agreement also reinforced the council’s authority to investigate money laundering offenses tied to corruption, malversation, plunder, bribery and related crimes.
