AMLC freezes 116 accounts, assets

The Anti-Money Laundering Council (AMLC) has secured a Court of Appeals order freezing 116 financial accounts and other assets allegedly linked to a lawmaker, a corporation, and several individuals and entities being investigated over suspected flood control anomalies and a broader government budget kickback scheme.

The AMLC did not identify the respondents covered by the freeze order.

The Court of Appeals issued the order in a Sept. 21 resolution after finding probable cause that the assets were related to alleged plunder.

The freeze order covers 86 bank accounts, four investment accounts, one insurance policy, and 25 virtual asset wallets, placing the assets under restraint while the financial investigation continues.

In an earlier statement, the AMLC said its investigation found that the individuals involved had no apparent operating revenues sufficient to support the scale of their investments.

Authorities also traced the movement of funds through multiple layers involving individual intermediaries, corporations, bank accounts, a money service business and a virtual asset platform.

The council said the use of multiple recipients and financial channels complicated the tracing of the money and increased the transactional distance between the funds and their alleged source.

It also pointed to the use of emerging financial technology in the suspected movement and concealment of illicit funds.

“Funds passed through virtual asset service providers and multiple digital wallets, creating additional layers that made the movement of money more difficult to trace,” it added.

The latest action forms part of the continuing financial investigation into suspected corruption and irregularities involving government flood control projects. TRACY CABRERA