AMLC: Frozen assets linked to flood scam now at P4.2B

THE TOTAL VALUE of frozen assets tied to those allegedly behind the corruption in government flood control projects has reached P4.2 billion, the Anti-Money Laundering Council (AMLC) said.

“The estimated value of these is currently at P4.2 billion. This will increase further as we proceed with the financial investigation of the AMLC,” AMLC Executive Director Matthew M. David told DZBB radio in mixed English and Filipino on Monday.

The Court of Appeals has so far issued four freeze orders covering a total of 1,620 bank accounts, 54 insurance policies, 163 motor vehicles, 40 real properties, and 12 e-wallets.

Meanwhile, Mr. David said the implementing rules and regulations of the Anti-Money Laundering Act are sufficient to chase after money laundering schemes linked to anomalous flood control projects.

“Currently, we believe that our law and its implementing rules and regulations are already sufficient,” he said in Filipino.

This came after Senator Francis Pancratius “Kiko” N. Pangilinan raised concerns in a recent Senate hearing after a contractor withdrew P457 million in cash from the Land Bank of the Philippines within two days.

However, Mr. David said the AMLC will tighten its monitoring of banks and other covered persons’ compliance with filing suspicious transaction reports and covered transaction reports.

“On the part of the AMLC, we will strengthen our compliance checking and enforcement actions against erring bank employees (and) erring banks or covered persons,” he said in Filipino.

“Currently, regarding those banks that fail to fulfill their basic responsibilities of conducting due diligence and filing suspicious transaction reports, we are already taking enforcement actions against them. But, we believe that our implementing rules and regulations are already sufficient,” Mr. David added. — Katherine K. Chan