The Securities and Exchange Commission (SEC) said it supports a probe by the Anti-Money Laundering Council (AMLC) into possible money laundering linked to anomalous flood control projects.
A freeze order was issued on Sept. 16 by the Court of Appeals on 135 bank accounts and 27 insurance policies connected to the individuals and companies being investigated by the Senate Blue Ribbon Committee.
“The freeze order is a step toward addressing widespread corruption in flood control projects and holding everyone involved accountable,” SEC chairperson Francis Lim said in a statement.
The AMLC, a three-member council composed of the governor of the Bangko Sentral ng Pilipinas, the SEC chairperson and the commissioner of the Insurance Commission, applied for the order.
Preliminary AMLC findings revealed a potential money laundering scheme involving public funds intended for flood control initiatives, the country’s financial intelligence unit announced earlier.
Lim said the SEC “remains committed to advancing good corporate governance… to prevent the use of the corporate vehicle for money laundering and other illicit activities.”
 supports a freeze order on bank accounts linked to anomalous flood control projects, joining a probe by the Philippines' anti-graft body.){kind=link}