AMLC freezes P2.9B assets in flood control probe

The Anti-Money Laundering Council (AMLC) has successfully obtained its third freeze order from the Court of Appeals, further intensifying its investigation into alleged money laundering activities linked to the flood control project controversy.

This latest freeze order encompasses a substantial collection of assets, including 836 bank accounts, 12 e-wallets, 24 insurance policies, 81 motor vehicles, and 12 real estate properties.

AMLC Executive Director Atty. Matthew David stated that freezing these diverse assets effectively disrupts the financial channels exploited for corrupt practices.

This action represents the most extensive asset freeze implemented since the investigation commenced.

Previously, two earlier directives had already resulted in the freezing of 1,563 bank accounts, 54 insurance policies, 54 vehicles, 30 properties, and 12 e-wallets.

The total estimated value of the frozen assets currently stands at P2.9 billion, with expectations of this figure rising as the investigation progresses.