The Anti-Money Laundering Council (AMLC) has secured a third freeze order from the Court of Appeals (CA) on Tuesday, bringing the total amount of immobilized assets linked to irregular flood control projects to an estimated P2.9 billion.
The latest freeze order paralyzed 836 bank accounts, 12 e-wallets, 24 insurance policies, 81 motor vehicles and 12 real estate properties. The names of individuals and corporations included in the new freeze order were not disclosed.
Since the probe on the anomalous flood control projects began, AMLC has collectively immobilized 1,563 bank accounts, 54 insurance policies, 154 vehicles, 30 properties and 12 e-wallets.
The agency expects the initial estimate of P2.9 billion frozen assets will increase as they assess and verify the accounts and properties of suspected persons and companies tied to anomalous flood control projects.
The CA approved the new freeze order on September 30, following previous directives on September 16 and 19.
The AMLC said the fresh order — the biggest assets freeze so far — gives it a wider edict to investigate suspected money laundering activities linked to public infrastructure funds.
“By freezing a wide range of assets—such as bank accounts, e-wallets, vehicles, and properties—the AMLC is disrupting the financial channels used in corrupt activities,” AMLC Executive Director Matthew David said late Tuesday.
AMLC is “straightforward” in its objective of recovering the stolen public funds and prevent it from being misused, David said.
They also “ensure that those involved in money laundering are held accountable.”
The AMLC said it “remains committed to transparency and accountability and is working closely with other government agencies to ensure that public funds are protected and properly used.”
The Bangko Sentral ng Pilipinas-led AMLC is the country’s financial intelligence unit. Its mandate is to stop money laundering — by tracing and preserving assets — and to recover assets from unlawful activities.
