A dozen bank accounts have been frozen anew by the Anti-Money Laundering Council (AMLC), increasing the total value of these assets to P4.4 billion as of Wednesday.
In a statement, AMLC received a fifth freeze order from the Court of Appeals on Wednesday. The order also included three insurance policies.
With the latest order, the total assets frozen by AMLC included 1,632 bank accounts; 163 motor vehicles; 54 insurance policies; 40 real properties; and 12 e-wallets.
‘Every freeze order matters. Each freeze order secured strengthens the evidentiary trail, ensuring that illicit funds cannot be concealed or dissipated,’ AMLC Executive Director Matthew M. David was quoted in the statement as saying.
The latest freeze order, AMLC said, covers bank accounts linked to persons-of-interests, notably including an entity whose license had been allegedly used in the implementation of ghost projects.
The AMLC assures the public that it will continue to work closely with relevant stakeholders and government agencies to pursue all leads and ensure that funds intended for public welfare are not diverted for unlawful gain.
Under the freeze order, banks will now look into their systems and determine the amounts stored in the bank accounts, which will then be reported to the AMLC, David said.
Moreover, the freeze order is a step toward the filing of appropriate civil and criminal cases, including the retrieval of any funds moved before the freeze, against those found to have laundered illicit proceeds, David added. The freeze order will only be lifted if the owners of the bank accounts will file a motion to lift the effects of the freeze order over their accounts or assets.