AMLC: Frozen assets tied to flood control projects reach P4 billion worth

The Anti-Money Laundering Council (AMLC) on Friday secured from the Court of Appeals a fourth freeze order on the assets of individuals and firms being probed for alleged corruption in government flood control contracts.

In a statement, the AMLC said the latest freeze order covers 57 bank accounts, 10 real properties, and nine motor vehicles.

“The new directive expands the investigation’s reach, targeting more assets linked to the alleged irregularities in flood control spending,” it said.

The anti-dirty money body added that the appellate court has already frozen a total of 1,620 bank accounts, 54 insurance policies, 163 motor vehicles, 40 real properties, and 12 e-wallet accounts, bringing the total value of immobilized assets to over P4 billion.

The figure is “expected to rise as the inquiry deepens,” according to the AMLC.

Among the assets seized are high-value holdings such as a luxury compound in a prime urban district, multiple high-end vehicles, virtual currencies, and unit investment trust funds.

The latest freeze order, the antitrust-dirty money body said, “marks another firm step in the government’s broader crackdown on corruption in public infrastructure projects.”

AMLC Executive Director Matthew David said that the freezing of assets are “real actions that stop corruption.”

“Every peso frozen is a peso that cannot be used to sustain corruption,” said David. –NB, GMA Intergrated News