Manila, Philippines — The Anti-Money Laundering Council (AMLC) has obtained another Freeze Order from the Court of Appeals for assets allegedly linked in flood control anomalies and corruption.
In a resolution dated September 21, CA issued the freeze order upon finding probable cause that the assets are connected to plunder.
These assests are being linked to a prominent lawmaker, a corporation, and several associate individuals and entities allegedly tied with the kickback scheme.
Based on the financial investigation, the involved individuals had no apparent operating revenues to support the scale of their investments.
It was also found that the investments involved were moved through multiple layers of individual intermediaries, corporations, bank accounts, money service business, and a virtual asset platform.
The different financial channels used made it complicated for authorities to trace the movement of the funds, which is suspected to be linked with corruption and plunder cases involving a lawmakers which was not named.
The freeze order covers 86 bank accounts, four investment accounts, an insurance policy, and 25 virtual asset wallets.
AMLC will remain in coordination with related agencies to trace and recover suspected illicit assets, as well as preventing financial channels to be used in corruption and money laundering.–Mia Layaguin, Eurotv News