The Anti-Money Laundering Council (AMLC) has received a new order from the Court of Appeals (CA) to freeze 592 bank accounts connected to irregular flood control projects.
In a statement on Friday, AMLC said the freeze order, issued on September 19, also includes three insurance policies, 73 motor vehicles, and 18 real properties linked to persons and contractors currently being investigated.
Earlier on September 16, the CA granted AMLC’s petition to freeze 135 bank accounts and 27 insurance policies of individuals and corporations, following a probe by the Department of Public Works and Highways (DPWH).
AMLC Executive Director Matthew David said on Friday that the “sheer magnitude of assets involved reflects the alarming scope of corruption tied to these flood control projects.”
He said with the new freeze order, they will file “appropriate civil and criminal cases against those found to have laundered illicit proceeds.”
The AMLC did not disclose the names of individuals and corporations that are subject to the new freeze order.
AMLC reiterated that they will continue to work with other government agencies to investigate the frozen accounts and to identify additional assets for future legal action.
“This latest development follows earlier enforcement actions and signals the AMLC’s sustained efforts to strengthen the country’s anti-money laundering framework and ensure accountability in public infrastructure,” AMLC said.
The AMLC, as the country’s financial intelligence unit, is tasked to curb money laundering by tracing, preserving, and to recover assets from unlawful activities.
The central bank-led agency is mandated to implement the Anti Money Laundering Act of 2001, as amended, as well as the Terrorism Financing Prevention and Suppression Act of 2012 and the Anti-Terrorism Act of 2020.
