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The Anti-Money Laundering Council of the Philippines (AMLC) announced that it has obtained a new round of freezing orders from the Court of Appeals, launching an unprecedented asset freezing operation targeting the "Flood Control Engineering Corruption Case".
According to disclosures, the assets frozen this time include 836 bank accounts, 12 electronic wallets, 24 insurance policies, 81 vehicles, and 12 real estate properties, with a scale of freezing that is unprecedented. This round alone has involved suspicious funds worth billions of pesos.
Matthew David, the Executive Director of AMLC, emphasized: "Our goal is very clear—to prevent the misappropriated public funds from being transferred or squandered, to recover assets belonging to the nation, and to leave no place for the involved parties to hide."
This is yet another powerful action following the previous two rounds. Previously, AMLC had frozen 1,563 bank accounts, 54 insurance policies, 154 vehicles, 30 real estate properties, and 12 electronic wallets. To date, the total amount of assets frozen in the case has reached 2.9 billion pesos, and it may still increase.
This anti-corruption storm is unveiling just the tip of the iceberg of the dark side of public works in the Philippines. Public opinion is questioning: how much more "invisible black money" is still undisclosed? And who is controlling the massive flow of funds?
The AMLC has stated that it will continue to collaborate with multiple departments to ensure that stolen public funds have "nowhere to escape", thoroughly investigating the matter without leaving any loopholes.
