AMLC freezes P5.2 billion in assets linked to flood control project probe

The Anti-Money Laundering Council (AMLC) has frozen P5.2 billion in assets linked to an investigation into anomalous flood control projects.

These assets include 39 bank accounts, four insurance policies, and 59 real estate properties, secured under six freeze orders from the Court of Appeals.

The investigation targets former Department of Public Works and Highways (DPWH) officials, contractors, and their associates implicated in corruption.

The DPWH, through Secretary Vince Dizon, has signed partnership agreements with the AMLC and the Philippine Competition Commission (PCC) to expedite the recovery of stolen infrastructure funds.

This initiative aligns with President Marcos' directive to reclaim public money for beneficial projects.

The DPWH and AMLC will share information and conduct joint financial examinations and investigations into transactions involving erring former DPWH officials and favored contractors.