P6B in assets frozen over links to flood works
The Anti-Money Laundering Council (AMLC) obtained its seventh freeze order from the Court of Appeals, bringing the total value of immobilized assets under the government’s sweeping investigation into alleged misuse of infrastructure funds beyond P6 billion.
The latest order covered 45 additional real estate properties and 81 vehicles, including high-end sports cars, SUVs, and luxury motorcycles, reportedly owned by former government officials, the council said in a statement on Wednesday.
As in previous cases, the AMLC did not disclose ownership details, locations, or other specifics of the frozen assets.
With the new court order, the AMLC had frozen a total of 2,129 assets: 1,671 bank accounts, 58 insurance policies, 244 motor vehicles, 144 real properties and 12 e-wallet accounts.
The total value of locked assets has amounted to P6.3 billion, and officials expected the count to rise as more freeze orders are granted and new leads surface.
“We continue to pursue every lead, secure every necessary order, and hold accountable those who misuse public funds,” AMLC Executive Director Matthew David said in a statement.
Insurance, investments
When an account is frozen, all activities such as transfers, deposits, withdrawals and even closures are halted.
Banks must then comb through their records to determine if the funds were tied to illicit activity, submitting their findings to the AMLC.
The freeze orders also covered insurance policies because they can serve as vehicles for concealing or moving illegal funds. Large-premium life insurance or investment-linked products, for instance, may be used to disguise illicit money.
The council would likewise pursue the offshore assets, including foreign bank accounts and real estate, of individuals accused of corruption in flood control projects.
But the directives could extend far beyond financial accounts, cars and real estate, as the AMLC may also ask the court to freeze other personal holdings such as investments, jewelry and even virtual assets, if these are linked to the misuse of public funds.
Coordination
On Sept. 30, the AMLC signed a memorandum of agreement with the Independent Commission for Infrastructure (ICI), 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.
AMLC’s David had said the council was also working with the Office of the Ombudsman, the Bureau of Internal Revenue and the National Bureau of Investigation as it pursues “a thorough and impartial inquiry.”
Meanwhile, officials of the ICI had said the forfeiture will be part of “civil and administrative remedies,” including possible criminal charges to be filed against those implicated in fraudulent public works.
“We assure the public that our efforts have not ceased,” David said.
