AMLC seeks forfeiture of assets tied to flood control scam

The Anti-Money Laundering Council (AMLC) has filed three petitions for civil forfeiture against assets allegedly linked to the flood control corruption scandal, following six months of investigations and freeze orders.

In a statement, the council said the petitions cover assets of individuals and entities earlier placed under freeze orders issued by the Court of Appeals. However, it did not disclose names or specific amounts covered by the petitions.

So far, a Manila trial court has granted two provisional asset preservation orders to secure monetary instruments and properties while the cases are pending.

“The filing of civil forfeiture cases is the final step to ensure the recovery of illicit proceeds linked to flood control project anomalies. The action marks the first of several petitions to be filed, all aimed at recovering funds tied to corrupt practices involving flood control projects,” the AMLC said.

P27.8-B frozen so far

As of this writing, AMLC data showed that P27.8 billion worth of assets linked to the alleged scheme had been frozen, covering 862 individuals and 648 entities. These include 7,970 bank accounts, 219 real properties, 253 motor vehicles and 11 aircraft.

The latest freeze orders, issued in January, covered 379 bank accounts, four e-wallet accounts, 10 insurance policies, nine securities accounts, 10 investment accounts and 55 real properties.

“The cases involving the flood control project scandal are complex given the sheer volume and breadth of records involved,” the AMLC said.

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“Given the scale and intricacy of the data, the AMLC is proceeding with deliberate care to ensure that all evidence is complete and accurate. This is essential not only to uphold the integrity of the investigation but also to ensure that the cases, once filed, are supported by robust and admissible evidence capable of withstanding judicial scrutiny,” it added.

In a separate development, AMLC Executive Director Matthew David has stepped down from his post after requesting a transfer to another position within the Bangko Sentral ng Pilipinas. He has been replaced in an officer-in-charge capacity by Arnold Kabanlit, the former deputy director.

It remains unclear why David sought the transfer. He had been AMLC executive director since 2022.