AMLC freezes more assets tied to flood control scam

The Anti-Money Laundering Council (AMLC) has secured another freeze order from the Court of Appeals (CA), this time covering 57 bank accounts, 10 real properties, and nine motor vehicles linked to alleged irregularities in flood control projects.

The council said earlier freeze orders had already immobilized assets worth more than ₱4 billion. To date, the CA has ordered the freezing of 1,620 bank accounts, 54 insurance policies, 163 motor vehicles, 40 real properties, and 12 e-wallet accounts.

Among the assets seized were high-value holdings, including a luxury compound in a prime urban area, several high-end vehicles, virtual currencies, and unit investment trust funds.

“These freezes are real actions that stop corruption,” AMLC Executive Director Matthew David said. “Every peso frozen is a peso that cannot be used to sustain corruption.”

The AMLC said it will continue to trace financial links tied to anomalies in government spending.