THE Court of Appeals (CA) on Tuesday released a third freeze order covering the assets of individuals and entities linked to allegedly anomalous government flood control projects, the Anti-Money Laundering Council (AMLC) said.
Under the latest order, assets including 836 bank accounts, 12 e-wallets, 24 insurance policies, 81 motor vehicles and 12 real estate properties have been frozen, “marking the most extensive asset freeze since the probe began,” it said.
The latest freeze order follows two earlier directives that froze 1,563 bank accounts, 54 insurance policies, 154 vehicles, 30 properties and 12 e-wallets.
This brings the total number of frozen assets to 2,778 valued at an estimated P2.9 billion, the AMLC said.
“As of current estimates, the total value of frozen assets stands at P2.9 billion — a figure expected to increase as the investigation deepens,” the AMLC said.
The council, however, did not disclose the number or identity of the entities whose assets were frozen.
“By freezing a wide range of assets — such as bank accounts, e-wallets, vehicles, and properties — the AMLC is disrupting the financial channels used in corrupt activities,” AMLC Executive Director Matthew M. David said.
“Our goal is straightforward: prevent stolen public funds from being dissipated and misused, recover them for the National Government and ensure that those involved in money laundering are held accountable.”
The AMLC secured its first freeze order on Sept. 16 and the second on Sept. 19 following written requests from the Department of Public Works and Highways. The freeze orders are supported by the Anti-Money Laundering Act, as amended, and the Anti-Financial Accounts Scamming Act, which allows the Bangko Sentral ng Pilipinas (BSP) to probe into the bank accounts involved in activities prohibited under the said law.
When assets are frozen, the owner is temporarily prevented from disposing of, transferring, or selling the specific asset or property.
Also on Tuesday, the AMLC signed a memorandum of agreement with the Independent Commission for Infrastructure (ICI) for inter-agency collaboration in the investigations of the anomalous flood control projects.
“With the signing of this memorandum of agreement, the AMLC expresses its full support for the ICI,” AMLC Chair and BSP Governor Eli M. Remolona, Jr. said in a speech at the signing. “This will strengthen inter-agency collaboration and ensure that questionable projects are examined from all angles.”
He said the ICI will probe questionable government infrastructure projects, while the AMLC will handle investigations into possible money laundering and other related illegal schemes.
“Together, we will work to create a future free of corruption. A future that truly serves the Filipino people,” Mr. Remolona said. — Katherine K. Chan
