AMLC secures 5th freeze order, frozen assets now over P4.4 billion

The Anti-Money Laundering Council (AMLC) has secured a fifth freeze order from the Court of Appeals, increasing the total value of frozen assets linked to alleged corruption in government flood control projects to over P4.4 billion.

The latest freeze order includes additional bank accounts and involves an entity whose license was allegedly used in the implementation of ghost projects.

To date, the AMLC has frozen 1,632 bank accounts, 54 insurance policies, 163 motor vehicles, 40 real properties, and 12 e-wallets.

AMLC Executive Director Matthew M. David stated that existing laws are sufficient to pursue money laundering schemes related to these anomalous projects.

He assured that the AMLC will enhance its monitoring of banks and other covered entities to ensure compliance with reporting suspicious and covered transactions.

A senator's concern about a contractor withdrawing P457 million in cash within two days prompted increased scrutiny.