AMLC freezes assets of 2 officials in flood infra mess

The Anti-Money Laundering Council has secured two new freeze orders against assets of two individuals – an incumbent high-ranking official of a constitutional body and a former elected official – allegedly linked to anomalous flood control projects.

The fresh orders cover 230 bank accounts, 15 insurance policies, two helicopters, and one airplane.

“The issuance of the freeze orders will enable AMLC to pursue a more extensive financial investigation to uncover any possible money laundering scheme linked to the flood control projects,” said AMLC executive director Matthew David.

“The public can be assured that the AMLC will continue to pursue all possible legal remedies to ensure that those involved in the misuse of public funds are held accountable,” he added.

David, without disclosing the names of the two individuals, said the air assets alone were already valued at P3.9 billion. However, it did not disclose the name of the said officials.

The AMLC said the assets were determined to be linked to violations of the Anti-Graft law and the Malversation of Public Funds law.

President Ferdinand Marcos Jr. said more assets will be frozen as the investigation into substandard or even “ghost” flood infrastructure projects continues.

“This is just the start. More assets will be frozen so we can recover (stolen) public funds. This is our promise – that the money of the people will be given back to the people,” Mr. Marcos said.

He said with the fresh freeze orders, the total value of frozen assets stood at P11.7 billion.

This covers the air assets of former Ako Bicol party-list Rep. Zaldy Co valued at around P4 billion, as well as 3,566 bank accounts, 198 insurance policies, 247 motor vehicles, 178 real properties, and 16 e-wallet accounts.

The President reaffirmed his administration’s commitment to transparency, implementing stronger measures against corruption and misuse of public funds.