592 bank accounts linked to flood anomalies frozen

AMLC also secures order on 73 vehicles, 18 properties

- By MARCO LUIS BEECH

The Anti-Money Laundering Council has secured a freeze order covering 592 bank accounts suspected to be linked to anomalous flood control projects, marking a significant move in the ongoing AMLC investigation.

To ensure accountability in the state's infrastructure spending, the Court of Appeals granted AMLC's petition to freeze the bank accounts, including three insurance policies, 73 motor vehicles and 18 properties owned by individuals and contractors tied to the questionable flood control projects.

"The sheer magnitude of assets involved reflects the alarming scope of corruption tied to these flood control projects," AMLC executive director Matthew David said yesterday.

"This freeze order marks another step toward the filing of appropriate civil and criminal cases against those found to have laundered illicit proceeds," he added.

The council stressed that the freeze order forms part of its wider mandate to track, safeguard and reclaim assets obtained through illegal activities.

AMLC added that it would keep working with concerned government agencies to examine the frozen accounts and track other assets that could face future legal proceedings.

Earlier, the council froze 135 bank accounts and 27 insurance policies connected to Department of Public Works and Highways (DPWH) officials and contractors accused of involvement in irregularities tied to flood control projects.

Initial AMLC findings suggest a potential money laundering scheme using public funds meant for flood control projects, with DPWH Secretary Vivencio Dizon warning that the scale of alleged corruption could reach "hundreds of billions."

On Monday, the Bureau of Internal Revenue announced that it is conducting a joint investigation with the AMLC into contractors, public officials and private individuals related to alleged flood control anomalies.