AMLC freezes over P4 billion in assets linked to flood control project anomalies

The Anti-Money Laundering Council (AMLC) has secured court orders to freeze over P4 billion worth of suspected illicit assets linked to alleged anomalies in flood control projects.

The latest freeze order, the fourth secured by AMLC, covers 57 bank accounts, 10 real properties, and 9 motor vehicles.

This expands the total number of frozen assets to 1,889, including 1,620 bank accounts, 54 insurance policies, 163 motor vehicles, 40 real properties, and 12 e-wallet accounts.

Among the seized assets are high-value holdings such as a luxury compound, multiple high-end vehicles, virtual currencies, and unit investment trust funds.

AMLC Executive Director Atty. Matthew David stated that their goal is to prevent stolen public funds from being dissipated, recover them for the national government, and hold those involved in money laundering accountable.

He emphasized that these freezes are real actions that stop corruption and prevent illicit funds from sustaining corrupt practices.