AMLC: CA order brings total frozen assets to P2.9B in flood control projects mess

The Court of Appeals on Tuesday issued a freeze order on 836 bank accounts potentially linked to persons and corporations being investigated for alleged involvement in the alleged misuse of billions of pesos in funds for flood control projects, the Anti-Money Laundering Council has said.

Also frozen were 12 e-wallets, 24 insurance policies, 81 motor vehicles, and 12 pieces of real estate in what the AMLC called “the most extensive asset freeze since the probe began.” 

The latest order brings the estimated total value of frozen assets to P2.9 billion, a figure that the AMLC said was "expected to increase as the investigation 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 AMLC executive director Matthew David.

“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.” 

The AMLC also said that the freeze order “builds on two earlier directives that collectively immobilized 1,563 bank accounts, 54 insurance policies, 154 vehicles, 30 properties, and 12 e-wallets.”

The Department of Public Works and Highways earlier requested the AMLC to freeze billions of pesos worth of air assets registered to companies related to Ako Bicol party-list Representative Elizaldy "Zaldy" Co and his brother Christopher Co, who are also being tagged in the flood control mess. 

The Bangko Sentral ng Pilipinas earlier said that it is also conducting a similar probe, the first under the Anti-Financial Scamming Act, which orders banks to hold funds for at least 30 days.

The Independent Commission for Infrastructure has already begun its investigation into the anomalous flood control projects in the country. –NB, GMA Integrated News