THE Anti-Money Laundering Council (AMLC) has already immobilized over P4 billion worth of assets linked to the alleged irregularities in flood control spending.
This was after AMLC secured its fourth freeze order from the Court of Appeals on Friday. The latest order covered 57 bank accounts, 10 real properties, and nine motor vehicles.
AMLC expects the latest valuation of frozen assets will increase as the flood control inquiry progresses.
‘These freezes are real actions that stop corruption,’ said AMLC Executive Director Atty. Matthew M. David. ‘Every peso frozen is a peso that cannot be used to sustain corruption.’
To date, the Court of Appeals has frozen a total of 1,620 bank accounts, 54 insurance policies, 163 motor vehicles, 40 real properties and 12 e-wallet accounts.
AMLC said the assets seized include high-value holdings such as a luxury compound in a prime urban district, multiple high-end vehicles, virtual currencies, and unit investment trust funds.
The Council said it remains committed to tracing financial links to public sector anomalies.
Last Tuesday, AMLC received a new freeze order from the CA bringing the total value of the frozen assets to P2.9 billion.
In a statement, the new freeze order covered a total of 836 bank accounts, 12 e-wallet accounts, 24 insurance policies, 81 motor vehicles and 12 real-estate properties.
With the latest freeze order, the AMLC through the CA has frozen a total of 1,563 bank account; 54 insurance policies; 154 motor vehicles; and 30 real estate properties. The latest freeze order is the first time the AMLC included electronic wallets.
Earlier, David said AMLC’s petition cited corruption-related offenses, such as violation of the Anti-Graft and Corrupt Practices Act and malversation, according to David.
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.