AMLC: Frozen assets in flood control mess hit P20.3B

The Anti-Money Laundering Council (AMLC) announced Friday it has secured a new freeze order on the assets of "major contractors" and a sitting member of the House of Representatives linked to the flood control corruption scandal, bringing the total worth of frozen assets to more than P20 billion since the probe began.

In a statement, the AMLC said the Court of Appeals (CA) granted another freeze order as the anti-dirty money body continues its intensified investigation into the alleged anomalies in flood control projects.

It said the appellate court ordered the freezing of bank accounts belonging to three major contractors and a sitting lawmaker from the lower chamber "after finding sufficient grounds to link their assets to possible irregularities related to flood control projects."

The latest freeze order covers a total of 1,193 bank accounts, according to the anti-dirty money body.

The AMLC did not name the individuals whose assets were ordered frozen.

The CA, the AMLC said, further determined that the assets of the individuals and entities concerned may be connected to potential violations of Republic Act 3019, otherwise known as the Anti-Graft and Corrupt Practices Act.

To date, the anti-dirty money body has secured freeze orders covering 6,538 bank accounts, 367 insurance policies, 255 motor vehicles, 178 real properties, 16 e-wallet accounts, and three securities accounts linked to anomalous flood control projects. 

The total estimated value of these assets has reached P20.3 billion, "a figure expected to increase as the AMLC continues its financial investigation into the accounts covered by the most recent freeze order."

"This action underscores the AMLC's commitment to faithfully carry out its mandate and sustain the momentum of our investigations, even during the busy holiday season,” said AMLC Executive Director Matthew David in a statement. — VDV, GMA Integrated News