PH Gov’t freezes P4B in assets tied to flood control scam

The Anti-Money Laundering Council and Independent Commission for Infrastructure (ICI) signed a memorandum of agreement on September 30 at the ICI office in Taguig City to boost investigations into corruption involving government flood control projects.

The Anti-Money Laundering Council (AMLC) has frozen more than P4 billion in assets linked to fraudulent flood control projects as it formally teamed up with the Independent Commission for Infrastructure (ICI) to intensify the government’s crackdown on corruption.

The move comes after the AMLC secured four freeze orders against the bank accounts and properties of individuals and entities under investigation. As of October 3, the frozen assets include 1,620 bank accounts, 54 insurance policies, 163 vehicles, 40 properties, and 12 e-wallets.

Through a memorandum of agreement signed on September 30, the AMLC will provide full operational support to the ICI in detecting and investigating money laundering and other illegal activities defined under Republic Act No. 9160, or the Anti-Money Laundering Act.

Securities and Exchange Commission (SEC) Chairperson Francis Lim, a member of the council, said “the partnership sends a clear signal that corruption will not be tolerated.”

“Infrastructure should be a pillar for nation-building and not a playground for corruption. Through the provisions of this agreement, we will strengthen collaboration in tracing and investigating financial flow linked to irregular infrastructure projects,” Mr. Lim added.
The agencies also committed to information exchange and joint training to track emerging trends in money laundering and terrorism financing.
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The ICI was created by President Ferdinand R. Marcos, Jr. under Executive Order No. 94 to investigate the fraudulent use of funds for infrastructure projects nationwide over the past 10 years. The AMLC is composed of the heads of the Bangko Sentral ng Pilipinas, the SEC, and the Insurance Commission.