Frozen assets linked to flood control mess hit P4.4 billion — AMLC

The total amount of assets tied to individuals and firms under investigation in relation to the flood control projects corruption scandal has breached P4 billion as the Anti-Money Laundering Council (AMLC) secured Wednesday a fifth freeze order from the Court of Appeals (CA).

In a statement, the AMLC said it obtained the latest freeze order from the CA on October 8, which was "issued in connection with the ongoing probe into irregularities surrounding flood control projects."

The latest freeze order covers several additional bank accounts, linked to persons-of-interests, notably including an entity whose license had been allegedly used in the implementation of non-existent or "ghost" projects.

With this, the anti-dirty money body said the appellate court has already frozen 1,632 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 P4.4 billion and is expected to rise.

"Every freeze order matters. Each freeze order secured strengthens the evidentiary trail, ensuring that illicit funds cannot be concealed or dissipated," said AMLC Executive Director Matthew David said.

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 AMLC made an assurance to the public that it would continue to work closely with relevant stakeholders and government agencies to pursue all leads and ensure that funds intended for public welfare are not diverted for unlawful gain. — VDV, GMA Integrated News