The Philippines’ Anti-Money Laundering Council (AMLC) said Tuesday it had secured a third freeze order from the Court of Appeals, covering a total of 836 bank accounts, 12 e-wallets, 24 insurance policies, 81 motor vehicles and 12 real estate properties suspected of being linked to the nation’s flood control project scandal.
This, the AMLC added, makes it the most extensive asset freeze since the probe began.
As reported by Inside Asian Gaming, the scandal centers around the awarding of around Php100 billion (US$1.75 billion) in flood control projects to 15 companies – an investigation into which found that many were not located in the country’s most flood-prone areas. In some cases, projects claimed to have been completed were found to be non-existent, while others were completed using cheap and substandard materials.
It is alleged that much of the funding was instead pocketed by some contractors, government officials and insiders at the Department of Public Works and Highways (DPWH), with one specific group of individuals, referred to as the “BGC Boys”, are said to have lost more than Php950 million (US$16.6 million) in embezzled money in 13 casinos across Manila, Cebu and Clark.
AMLC Executive Director Atty. Matthew M. David said Tuesday, “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.
“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.”
According to the AMLC, this latest freeze order takes the total amount of assets immobilized across the three orders issued so far to 1,563 bank accounts, 54 insurance policies, 154 vehicles, 30 properties and 12 e-wallets.
As of current estimates, the total value of frozen assets stands at Php2.9 billion (US$49.7 million) – a figure the AMLC expects to increase as the investigation deepens.
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